CHAR Tech and the BMI Group Forge Strategic Partnership to Accelerate Renewable Energy Projects and Announce $2M Private Placement
The strategic partnership would deliver immediate benefits:
Additional Project Level Investment in CHAR Tech Thorold: In addition to the $2M private placement in CHAR Technologies Ltd., The BMI Group would further invest to acquire project level ownership in the flagship CHAR Tech Thorold facility.
Accelerated CHAR Tech Thorold Timeline: The BMI Group's additional project level investment would position CHAR Tech Thorold to target generating commercial biocarbon production revenues by calendar Q4 2025.
Future Growth Project Pipeline: The BMI Group is the largest owner and redeveloper of end-of-use paper mills in Ontario, including the Bioveld Niagara Multimodal Hub—home of CHAR Tech Thorold —and Bioveld North in Espanola. 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 Ontario's 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, we're putting wood fibre back to work in next-generation applications. We see significant long-term opportunity in our partnership with CHAR Tech, as The BMI Group continues to invest in the strategic retooling of industrial sites across Canada.'
Andrew White, CEO of CHAR Tech, stated: 'This partnership marks a pivotal milestone in advancing biocarbon production at our CHAR Tech Thorold facility. 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.'
Non-Brokered Private Placement
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. .
CHAR Tech intends to use the net proceeds of the Offering for general working capital needs and the completion of ongoing procurement and development activities for the CHAR Tech Thorold.
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.
The closing of the Offering is expected to occur May 9th , 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
In connection with the Offering, CHAR Tech expects to enter into an investor rights agreement with Bioveld (the 'Investor Rights Agreement'). The Investor Rights Agreement will provide Bioveld the right to nominate a Director to the Company's Board of Directors, effective as of the Fiscal 2025 Annual General Meeting ('AGM'). The Investor Rights Agreement also includes certain information rights, along with customary transfer and standstill restrictions. For full details, please find a copy of the Investor Rights Agreement that will be filed under the Company's SEDAR profile at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About The BMI Group
The BMI Group transforms strategic properties into high-impact, multi-use developments across industrial, commercial, residential, and hospitality sectors. 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.ca
Media Contact:
Olga PatronikExecutive Project Coordinator, BMIolga@thebmigroup.ca1-888-264-4258
About CHAR Tech
CHAR 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.
CHAR's 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.
Website: www.chartechnologies.com
For further information, please contact:
Andrew WhiteChief Executive OfficerCHAR Technologies Ltd.E: andrew.white@chartechnologies.comT: 866 521-3654
Galen Cranston Director of Stakeholder Relations CHAR Technologies Ltd.E: gcranston@chartechnologies.com T: 647-546-5633
Website: www.chartechnologies.com
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.
Forward-Looking Statements
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. The words "may", "would", "will", "intend", "anticipate", "expect" and similar expressions as they relate to CHAR, are intended to identify forward-looking information. 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. Such statements reflect CHAR's current views and intentions with respect to future events, and current information available to CHAR, and are subject to certain risks, uncertainties and assumptions, including, among others, the timing and ability of CHAR to obtain final approval of the Offering from the TSX Venture Exchange and those risk factors discussed or referred to in CHAR's disclosure documents filed with the securities regulatory authorities in certain provinces of Canada, including the Management Discussion & Analysis dated January 28th, 2025 for the fiscal year ended September 30, 2024, and available under CHAR's profile on www.sedar.com. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, CHAR does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and CHAR undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.Sign in to access your portfolio
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Southern has a primary focus on acquiring and developing conventional natural gas and light oil resources in the southeast Gulf States of Mississippi, Louisiana, and East Texas. Our management team has a long and successful history working together and have created significant shareholder value through accretive acquisitions, optimization of existing oil and natural gas fields and the utilization of re-development strategies utilizing horizontal drilling and multi-staged fracture completion techniques. READER ADVISORIES MCFE Disclosure. Natural gas liquids volumes are recorded in barrels of oil (bbl) and are converted to a thousand cubic feet equivalent (Mcfe) using a ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Natural gas volumes recorded in thousand cubic feet (Mcf) are converted to barrels of oil equivalent (boe) using the ratio of six (6) thousand cubic feet to one (1) barrel of oil (bbl). Mcfe and boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf is based in an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf:1 bbl or a Mcfe conversion ratio of 1 bbl:6 Mcf may be misleading as an indication of value. Short Term Results. References in this press release to peak rates, production rates since inception, current production rates, initial 30-day productions rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Southern. The Company cautions that such results should be considered to be preliminary. Unit Cost Calculation. For the purpose of calculating unit costs, natural gas volumes have been converted to a boe using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with NI 51-101. Boe may be misleading, particularly if used in isolation. Product Types. Throughout this press release, "crude oil" or "oil" refers to light and medium crude oil product types as defined by NI 51-101. References to "NGLs" throughout this press release comprise pentane, butane, propane, and ethane, being all NGLs as defined by NI 51-101. References to "natural gas" throughout this press release refers to conventional natural gas as defined by NI 51-101. Abbreviations. Please see below for a list of abbreviations used in this press release. 1P total proved2P proved plus probablebbl barrelsbbl/d barrels per daybcf/d billion cubic feet per dayboe barrels of oilboe/d barrels of oil per dayMcf thousand cubic feet Mcf/d thousand cubic feet per dayMMcf million cubic feet MMcf/d million cubic feet per dayMcfe thousand cubic feet equivalent Mcfe/d thousand cubic feet equivalent per dayMMboe million barrels of oilMMBtu million British thermal unitsMMBtu/d million British thermal units per dayNI 51-101 National Instrument 51-101 Standards of Disclosure for Oil and Gas ActivitiesNYMEX New York Mercantile ExchangePDP proved developed producing Forward Looking Statements. Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "continue", "evaluate", "forecast", "may", "will", "can", "target" "potential", "result", "could", "should" or similar words suggesting future outcomes or statements regarding an outlook (including negatives and variations thereof). Forward-looking information in this press release may include, but is not limited to statements concerning the Company's asset base including the development of the Company's assets, positioning, oil and natural gas production levels, the Company's anticipated operational results, Southern's growth strategy and the expectation that it will continue to enhance shareholder value,Southern's expectation that improved regional pricing and a strengthened financial foundation will support execution of its capital program and long-term value creation, forecasted natural gas pricing, Southern's ability to re-initiate growth in deploying the net proceeds from the equity financing on capital expenditures, drilling and completion plans, expectations regarding commodity prices and service costs, expectations regarding the performance characteristics of the Company's oil and natural gas properties, the Company's hedging strategy and execution thereof (includingits intention to continue monitoring commodity prices and basis differentials and to hedge additional volumes as deemed appropriate), the ability of the Company to achieve drilling success consistent with management's expectations,the Company's expectations regarding completion of the two remaining DUCs and the drilling operations in the Mechanicsburgand Greens Creek fields(including the timing thereof and anticipated costs and fundingas well as the evaluation of well performance and regional natural gas pricing to inform such decisions),the Company's expectations regarding the resolution of regulatory disputes (including the anticipated timing thereof) and impact of FERC rate determinations on shut-in production volumes, the expected contribution of the GH LSC 13-13 #2 well to Q3 2025 cash flow, the Company's ability to realize sustained pricing premiums due to its strategic location in the Southeast U.S., the effect of market conditions on the Company's performance and expectations regarding the use of proceeds from all sources including the senior term loan. Statements relating to "reserves" and "recovery" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Southern, including, but not limited to, the timing of and success of future drilling, development and completion activities, the performance of existing wells, the performance of new wells, the availability and performance of drilling rigs, facilities and pipelines, the geological characteristics of Southern's properties, the characteristics of the Company's assets, the Company's ability to comply with ongoing obligations under the senior term loan and other sources of financing, the successful application of drilling, completion and seismic technology, the benefits of current commodity pricing hedging arrangements, Southern's ability to enter into future derivative contracts on acceptable terms, Southern's ability to secure financing on acceptable terms, prevailing weather conditions, prevailing legislation, as well as regulatory and licensing requirements, affecting the oil and gas industry, the Company's ability to obtain all requisite permits and licences, prevailing commodity prices, price volatility, price differentials and the actual prices received for the Company's products, royalty regimes and exchange rates, the impact of inflation on costs, the application of regulatory and licensing requirements, the Company's ability to obtain all requisite permits and licences, the availability of capital, labour and services, the creditworthiness of industry partners, the Company's ability to source and complete asset acquisitions, and the Company's ability to execute its plans and strategies. Although Southern believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Southern can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production, the uncertainty of reserve estimates, the uncertainty of estimates and projections relating to production, costs and expenses, regulatory risks, and health, safety and environmental risks), constraint in the availability of labour, supplies, or services, the impact of pandemics, commodity price and exchange rate fluctuations, geo-political risks, political and economic instability, the imposition or expansion of tariffs imposed by domestic and foreign governments or the imposition of other restrictive trade measures, retaliatory or countermeasures implemented by such governments, including the introduction of regulatory barriers to trade and the potential effect on the demand and/or market price for the Company's products and/or otherwise adversely affects the Company, wars (including the Russo-Ukrainian war and the Israel-Hamas conflict), hostilities, civil insurrections, inflationary risks including potential increases to operating and capital costs, changes in legislation impacting the oil and gas industry, including but not limited to tax laws, royalties and environmental regulations (including greenhouse gas emission reduction requirements and other decarbonization or social policies and including uncertainty with respect to the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada)), the Company's ability to meet its financial obligations and covenants, adverse weather or break-up conditions, and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. These and other risks are set out in more detail in Southern's latest Management Discussion and Analysis for the period ended June 30, 2025 and the Company's annual information form for the year ended December 31, 2024, which are available on the Company's website at and filed under the Company's profile on SEDAR+ at The forward-looking information contained in this press release is made as of the date hereof and Southern undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Future Oriented Financial Information. This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Southern's capital expenditures, general and administrative expenses, hedging, natural gas pricing and prospective results of operations and production, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Southern's future business operations. Southern and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Southern disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Southern's guidance. The Company's actual results may differ materially from these estimates. Specified Financial Measures. This press release provides various financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards ("IFRS"), including non-IFRS financial measures, non-IFRS financial ratios and capital management measures. These specified financial measures may not be comparable to similar measures presented by other issuers. Southern's method of calculating these measures may differ from other companies and accordingly, they may not be comparable to measures used by other companies. Adjusted Funds Flow from Operations, adjusted working capital and net debt are not recognized measures under IFRS. Readers are cautioned that these specified financial measures should not be construed as alternatives to other measures of financial performance calculated in accordance with IFRS. These specified financial measures provide additional information that management believes is meaningful in describing the Company's operational performance, liquidity and capacity to fund capital expenditures and other activities. Please see below for a brief overview of all specified financial measures used in this release and refer to the Company's MD&A for additional information relating to specified financial measures, which is available on the Company's website at and filed under the Company's profile on SEDAR+ at "Adjusted Funds Flow from Operations" (non-IFRS financial measure) is calculated based on cash flow from operative activities before changes in non-cash working capital and cash decommissioning expenditures. Management uses adjusted funds flow from operations as a key measure to assess the ability of the Company to finance operating activities, capital expenditures and debt repayments. "Adjusted Funds Flow from Operations per Share" (non-IFRS financial measure) is calculated by dividing Adjusted Funds Flow from Operations by the number of Southern shares issued and outstanding. "Net Debt" (capital management measure) is monitored by management, along with adjusted working capital, as part of its capital structure in order to fund current operations and future growth of the Company. Net debt is defined as long-term debt plus adjusted working capital surplus or deficit. Adjusted working capital is calculated as current assets less current liabilities, removing current derivative assets/liabilities, the current portion of bank debt, the warrant liability, and the current portion of lease liabilities. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. [1] Comprised of 23 bbl/d light and medium crude oil, 43 bbl/d of condensate, 5 bbl/d NGLs and 10,869 Mcf/d conventional natural gas [2] See "Reader Advisories - Specified Financial Measures" SOURCE: Southern Energy Corp. 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