VANCOUVER, British Columbia, July 09, 2024 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE: IWIA) (OTCQB:INTWF) ("SHARC Energy" or the "Company") is pleased to announce that, further to its news release dated June 24, 2024, the Company has closed a non-brokered private placement of debenture units of the Company ("Debenture Units") at a price of $1,000 per Debenture Unit, for aggregate gross proceeds of $2,000,000 (the "Offering"). The Company would like to thank and extend its gratitude to the sole subscriber in this Offering. "The ability of SHARC Energy's systems to use wastewater as a thermal source for heating & cooling is unparalleled; combine that with water savings and the returns to clients are multiplied. In the green technology space, there is no other company that can reuse waste heat from a 100% consistent source; the possibilities are endless, " said Lynn Mueller, President and CEO of SHARC Energy. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the "Debenture"); and (ii) 5,000 common share purchase warrants of the Company (the "Warrants"). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a "Share") at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.   The Debentures will bear interest from their issue date at 8.0% per annum calculated and payable annually in arrears on December 31 of each year and will mature three (3) years following the closing of the Offering (the "Maturity Date"). The Debentures are unsecured and will rank pari passu in right of payment of principal and interest with all future unsecured indebtedness of the Company. The Debenture, including any accrued and unpaid interest, will be repayable in part or in full on any one or more occasions without penalty at any time prior to the Maturity Date at the option of the Company. The Warrants are subject to a ten percent (10.0%) blocker provision, which restricts the exercise of any underlying Warrants in the event such exercise would result in the securityholder holding ten percent (10.0%) or more of the issued and outstanding Shares at such time. Mr. ...