09:41 AM EDT, 05/02/2025 (MT Newswires) -- CHAR Technologies ( CTRNF ) on Friday said it signed a binding letter of intent with The BMI Group to establish the framework for a strategic partnership and that it will complete a $2 million non-brokered private placement.

Under the partnership, BMI will invest to acquire project level ownership in the flagship CHAR Tech Thorold facility. The companies plan to co-develop a new renewable energy production facility at Bioveld North in northern Ontario.

Bioveld Canada, a subsidiary of The BMI Group, will buy 10 million CHAR common shares in the private placement at $0.20 per share. CHAR will use the proceeds of the offering for general working capital needs and the completion of ongoing procurement and development activities for the CHAR Tech Thorold and expects the offering to close on May 9.

"This partnership marks a pivotal milestone in advancing biocarbon production at our CHAR Tech Thorold facility," said CHAR Tech ( CTRNF ) Chief Executive Andrew White. "With The BMI Group's 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 development-most notably, the tremendous potential we see in Espanola."