Syntholene Energy arranges $2-million private placement

Executive Summary

• Syntholene Energy Corp. announced an intention to complete a non-brokered private placement of up to $2.0 million.
• The financing involves issuing units at 45 cents per unit, with each unit consisting of one common share and one non-transferable warrant.
• Proceeds will be allocated to the procurement and assembly of components for a planned demonstration facility in Iceland and for corporate working capital.

Key Details

• Financing Structure: Non-brokered private placement of up to $2.0 million.
• Price: 45 cents per unit.
• 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 at an exercise price of 63 cents.
• Warrant Duration: Two years from the date of issuance, subject to an acceleration provision.
• Use of Proceeds:
  • Up to approximately $1.5 million for the procurement and assembly of components for the company's planned demonstration facility in Iceland.
  • Up to approximately $500,000 for corporate marketing initiatives, investor relations, and working capital.
• Insider Participation: Insiders may participate; the extent is undetermined but will be disclosed per TSX-V policies.
• Regulatory Conditions: Completion is subject to regulatory approvals, including TSX-V approval.
• Hold Period: All securities are subject to a statutory hold period of four months and one day from issuance.
• Finder's Fees: May be payable, subject to compliance with applicable securities laws and TSX-V policies.

Notable Quotes

• None provided in the text.