Chicago, Illinois--(Newsfile Corp. - July 13, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) ("Syntholene" or the "Company") announced today that it intends to conduct a non-brokered private placement of units of the Company ("Units") at a price of $0.45 per Unit for gross proceeds of up to $1.5 million (the "Financing").
Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.63 for a period of two years from the date of issuance of the Warrant, subject to an acceleration provision in accordance with the terms of the Warrant.
The Company intends to use the proceeds of the Financing for future testing and production at the Company's demonstration facility in Húsavík, Iceland (the "Demonstration Facility") and for general working capital.
Dan Sutton, Syntholene's Chief Executive Officer, said, "We are pleased with the preliminary results we are seeing at our Demonstration Facility. The Company has been producing low-cost clean hydrogen as the key first step towards a larger commercial project that could become a significant supplier of clean synthetic fuel. Financings of this nature strengthen our balance sheet as the Company continues testing and production at the Demonstration Facility, while advancing work on offtakes, project financing and other strategic matters."
The Offering is expected to close on or about July 21, 2026, or such other date or dates as the Company may determine. The Company may pay certain commissions in connection with the Financing, as permitted by applicable securities laws and the policies of the TSX Venture Exchange.
The Company expects that insiders of the Company may participate in the Financing. The extent of insider participation, if any, has not been determined at this time. Any insider participation will be disclosed in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
The Units issued pursuant to the Financing, and any Common Shares underlying the Warrants, will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. Completion of the Financing remains subject to the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.
The securities offered pursuant to the Financing have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or for the account or benefit of U.S. persons, absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. This announcement has been prepared for publication in Canada and may not be released to U.S. wire services or distributed in the United States.