- CHAR Technologies (YES) has closed a $625,000 short-term unsecured debt financing
- The financing is being provided by company insiders and existing shareholders
- The debt has an interest rate of 1 per cent monthly and a term of five-months
- The proceeds will be used to advance both contracted and early-stage projects
- CHAR is a cleantech development and services company that specializes in high-temperature pyrolysis
- CHAR Technologies Ltd. (YES) opened trading at C$0.285
CHAR Technologies (YES) has closed a $625,000 short-term unsecured debt financing.
The majority of the financing ($375,000) was provided by insiders of the company and the remainder ($250,000) was provided by existing shareholders.
The debt has an interest rate of 1 per cent monthly and a term of five-months.
CHAR Technologies intends to use the proceeds to advance the development of both contracted and early-stage projects. The company believes it will soon receive funding for a portion of costs for its planned facility in Thorold.
Andrew White, CEO of CHAR Technologies, commented on the financing.
“We are at a very exciting juncture in our commercialization of our renewable energy technologies to produce both renewable natural gas (RNG) and biochar to provide solutions to Canadian strategic industries. This small financing will bridge us to other sources of funding as we develop our capital structure for our future expansion.”
CHAR is a cleantech development and services company that specializes in high-temperature pyrolysis, converting woody materials and organic waste into renewable gases and biocarbon.
CHAR Technologies Ltd. (YES) opened trading at C$0.285.