CHAR Tech and the BMI Group Forge Strategic Partnership to Accelerate Renewable Energy Projects and Announce $2M Private Placement
Summary
CHAR Tech and The BMI Group intend to co-develop a new renewable energy production facility at Bioveld North, strategically located in the heart of northern Ontarios wood fibre basket.Paul Veldman, CEO of The BMI Group, commented: By investing in innovative companies like CHAR Tech and revitalizing assets such as Bioveld North and Niagara, were putting wood fibre back to work in next-generation applications. With The BMI Groups infrastructure expertise, we are positioned to accelerate project delivery and generate strong returns for our investors. This collaboration also opens the door to further opportunities already in developmentmost notably, the tremendous potential we see in Espanola.Pursuant to the Offering, Bioveld Canada Inc. (Bioveld), a subsidiary of The BMI Group, intends to subscribe for 10,000,000 common shares of the Company by way of a non brokered private placement at a price of C$0.20 per share. With a focus on enhancing social and economic potential through multi-sector collaboration, BMI delivers new opportunities for investment, innovation, and community revitalization.For more information, please visit: www.thebmigroup.caCHAR Tech (TSXV:YES) first-in-kind high temperature pyrolysis (HTP) technology processes unmerchantable wood and organic wastes to simultaneously generate two renewable energy revenue streams, renewable natural gas (RNG) or green hydrogen and a solid biocarbon that is a carbon neutral drop-in replacement for metallurgical steel making coal.CHARs HTP is an ideal waste to energy solution that aligns with the global green energy transition by diverting waste from landfills and generating sustainable clean energy to decarbonize heavy industry.For further information, please contact:Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this news release.Statements contained in this press release contain forward-looking information within the meaning of Canadian securities laws (forward-looking statements) about CHAR and its business and operations. Forward-looking statements include, but are not limited to, statements relating to the Offering, the anticipated benefits of, and rationale for, the Offering, statements regarding the intended use of proceeds of the Offering, the anticipated timing for closing of the Offering, the Investor Rights Agreement and the anticipate terms thereto, the timing for the CHAR Tech Thorold Renewable Energy Facility to be commercially operational , future plans relating to a co-developed renewable energy production facility at Bioveld North, operations and activities, expectations regarding the scale up of production, the anticipated development of additional project sites on an expedited basis, and other statements that are not historical facts.