Syntholene Energy increases financing to $3.75-million

Executive Summary

• Syntholene Energy Corp. has announced an upsizing of its previously announced non-brokered private placement, increasing the maximum gross proceeds from $2 million to $3.75 million.
• The financing involves the issuance of units priced at $0.45 per unit, with each unit consisting of one common share and one non-transferable common share purchase warrant.
• Proceeds are designated for the procurement and assembly of components for a planned demonstration facility in Iceland, as well as corporate marketing, investor relations, and working capital.

Key Details

• Financing Structure: Non-brokered private placement.
• Upsized Amount: Increased from up to $2 million to up to $3.75 million.
• Price Per Unit: $0.45.
• Unit Composition: Each unit comprises one common share and one non-transferable common share purchase warrant.
• Warrant Terms:
  • Each whole warrant entitles the holder to purchase one additional common share.
  • Exercise Price: $0.63 per share.
  • Duration: Two years from the date of issuance.
  • Acceleration Provision: Included in accordance with financing terms.
• Use of Proceeds:
  • Procurement and assembly of components for the company's planned demonstration facility in Iceland.
  • Corporate marketing initiatives.
  • Investor relations.
  • Working capital.
• Insider Participation: Insiders may participate; specific extent not yet determined but will be disclosed per TSX-V and securities laws.
• Closing Conditions: Subject to regulatory approvals, including TSX-V approval. May close in one or more tranches.
• Finders' Fees: May be payable, subject to compliance with applicable securities laws and TSX-V policies.
• Statutory Hold Period: Four months and one day from the date of issuance for all securities issued.

Notable Quotes

• None provided in the text.