SHARC International Announces Closing of First Tranche of Non-Brokered Private Placement

VANCOUVER, British Columbia, May 15, 2018 — SHARC International Systems Inc. (CSE:SHRC) (FSE:IWIA) (OTCQB:INTWF) (“SHARC”) is pleased to announce that it has closed the first tranche a Non-Brokered Private Placement (the “Private Placement”) raising gross proceeds, of $2,332,598.00 from the issuance and sale of 5,831,495 Units at a price of $0.40 per Unit. No new insiders were created, nor any change of control occurred, as a result of this Private Placement.

Each Unit at a purchase price of $0.40 per Unit, and the Unit consists of one (1) common share (“Common Share”) of the Company and one (1) non-transferable share purchase warrant (“Warrant”).

Lynn Mueller, President and CEO commented, “We are very pleased with the wide level of support investors have in SHARC and the Private Placement. As a result of the successful closing of the first tranche, we have the funding required to advance and expedite the product development. This financing is a major milestone for SHARC as it continues to build shareholder value and advance projects worldwide.”

Each Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.60 for a period of 24 months from the closing date of the Private Placement. In the event that the Company’s common shares trade at a closing price on the Exchange of greater than $1.00 per share for a period of 10 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the (“Eligible Acceleration Date”) on which such notice is given by the Company.

These Common Shares and Warrants issued under the first tranche of the Private Placement will be subject to a four month and one day resale restriction expiring August 11, 2018.

All securities issued in the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Completion of the financing is subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Canadian Securities Exchange (“CSE”).

In connection with the Private Placement, SHARC has paid certain eligible persons (the “Finders”) a cash commission equal to $53,200 and also issued 133,000 warrants (“Finder’s Warrants”). Each Finder’s Warrant has the same terms as the Warrants issued under the Offering.

The Company intends to use the net proceeds of the Private Placement for the advancement of the Company’s projects that are currently in the pipeline and will also be evaluating new project opportunities as part of its business model.

About SHARC International Systems

SHARC International Systems Inc. is a world leader in thermal heat recovery. SHARC systems recycle thermal energy from wastewater, generating one of the most energy efficient and economical systems for heating, cooling & hot water preheating for commercial, residential and industrial buildings. SHARC is publicly traded in Canada (CSE:SHRC), the United States (OTCQB:INTWF) and Germany (Frankfurt:IWIA).

Further information about the Company is available on our website at www.sharcenergy.com or under our profile on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD
“Lynn Mueller”
Chairman and Chief Executive Officer

For further information, please contact:
Ray Crowley
Telephone: 604 788 1091
Email: [email protected]

NT4