Mr. Andrew White reports

CHAR TECHNOLOGIES ANNOUNCES CLOSING OF BOOK ON FULLY SUBSCRIBED PRIVATE PLACEMENT

Char Technologies Ltd. has closed the order book on its previously announced non-brokered private placement of five million units at a price of 20 cents per unit for aggregate gross proceeds of $1-million.

The offering has been fully subscribed with institutional investor representation. The closing is expected to occur by or around the end of the week of Dec. 16, or a later date that may be determined by the company. The offering is subject to certain closing conditions, including, but not limited to, the receipt of all necessary approvals, including the acceptance of the TSX Venture Exchange.

Each unit consists of one common share of the company and one non-transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one common share of the company at an exercise price of 30 cents for a period of 24 months from the closing date of the offering. The company may compensate certain eligible finders under the offering and may pay a cash commission of up to 6 pre cent of the gross proceeds of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.

Proceeds of the offering will be used for general working capital, to support continuing project development work to continue to progress the company's project pipeline, and to support capital advisory and investor relations services.

The units under the offering are being offered to purchasers outside of Canada pursuant to an exemption from the prospectus requirement available under Section 2.3 of Ontario Securities Commission Rule 72-503 -- Distributions Outside Canada (OSC Rule 72-503), and accordingly, the securities issued pursuant to OSC 72-503 will not be subject to resale restrictions. The offering is not a related party transaction as defined by Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions and therefore is not subject to TSX-V Policy 5.9.

About Char Technologies Ltd.

Char Tech's 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.

We seek Safe Harbor.