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CHAR Technologies Near 52-Week Highs, Closes $6 Million Private Placement

· 02/05/2021 10:51

03:48 PM EST, 02/05/2021 (MT Newswires) -- CHAR Technologies Ltd. (YES: TSX-V) announced Friday afternoon that it has completed a previously announced non-brokered private placement, raising $6-million.

The Toronto-based renewable energy company first announced on Jan 27 plans to sell 18,461,537 units for $0.325 apiece. Certain insiders of the company acquired shares through the offering, though the company did not name them.

"We were very pleased with the overwhelming interest and exceptional investor support in the offering which had substantial demand beyond the placement size. We had significant institutional participation and interest," CEO Andrew White said in a statement.

CHAR intends to use the proceeds for working capital needs with anticipated contracts, project development activities and investment in technology initiatives.

The company's TSX Venture-listed shares were down by $0.01 or 1.67% to $0.59 per share as of 2:13pm ET in Friday trading. Despite the dip, the stock has more than quadrupled over the past 12 months from a Feb 5, 2020 closing price of $0.14 per share and continues to trade near its most recent 52-week high of $0.68 per share.

Price: 0.59, Change: -0.01, Percent Change: -1.67