NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. TORONTO, May 12, 2025 (GLOBE NEWSWIRE) -- CHAR Technologies Ltd. ("CHAR Tech" or "the Company") (TSXV:YES) is pleased to announce the successful completion of its previously announced C$2,000,000 non-brokered private placement (the "Offering") with The BMI Group, as outlined in the May 2, 2025, strategic partnership announcement. CHAR Tech and The BMI Group are working expeditiously to finalize the definitive ...

Core Viewpoint - CHAR Technologies Ltd. and The BMI Group are entering a strategic partnership to enhance biocarbon production and have initiated a non-brokered private placement to raise C$2,000,000 for project development [1][3][8] Group 1: Strategic Partnership - The partnership aims to accelerate the commercial biocarbon production timelines at the CHAR Tech Thorold Renewable Energy Facility, targeting completion by Q4 2025 [1][8] - The BMI Group's investment will focus on revitalizing industrial sites and leveraging wood fibre for next-generation applications, indicating a long-term growth opportunity [3][8] - CHAR Tech's CEO emphasized that this collaboration will enhance project delivery and create strong returns for investors, while also opening doors for future projects, particularly in Espanola [3][8] Group 2: Private Placement Details - Bioveld Canada Inc., a subsidiary of The BMI Group, plans to subscribe for 10,000,000 common shares at a price of C$0.20 per share, raising a total of C$2,000,000 [4][8] - The net proceeds from the offering will be utilized for general working capital and ongoing development activities at the CHAR Tech Thorold facility [4][8] - The closing of the offering is anticipated on May 9, 2025, subject to necessary approvals [6][8] Group 3: Future Growth and Development - The BMI Group will also invest in project-level ownership of the CHAR Tech Thorold facility, aiming to generate commercial biocarbon production revenues by Q4 2025 [8] - The partnership includes plans to co-develop a new renewable energy production facility at Bioveld North, strategically located in northern Ontario [8]