CHAR Technologies Ltd. announced that it has entered into subscription agreement for 11,000,000 units at a price of CAD 0.60 per unit, for aggregate cash consideration of CAD 6,600,000 on July 4, 2023. The transaction included participation from ArcelorMittal XCarb S.à r.l. and XCarb Innovation Fund, the funds managed by ArcelorMittal S.A. Each unit consist of one common share and one-quarter of one common share purchase warrant. Each warrant will entitle the holder to acquire one share for 24 months after the closing at an exercise price of CAD 0.70.

All securities issued under this Offering are subject to a statutory hold period ending four months and one day from the closing date of the Offering. No bonuses, finders’ fees or commissions were paid in connection with the Offering. The Offering is subject to final acceptance by the TSX Venture Exchange.