Syntholene Energy CORP. (TSXV: ESAF,OTC:SYNTF) (FSE: 3DD0) (OTCQB: SYNTF) (the “Company” or “Syntholene”) announces that it will increase the size of its previously announced unbrokered financing from up to $2.0 million to up to $3.75 million (the “Financing”).
The financing is expected to consist of the issuance of units of the Company (the “Units”) at a price of $0.45 per Unit, with each Unit consisting of one common share of the Company (a “Common Share”) and one non-transferable warrant to purchase common shares (each whole warrant, a “Warrant”). Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.63 for a period of two years from the date of issuance, subject to an acceleration provision in accordance with the terms of the Financing.
Gross proceeds from the financing are expected to be used for the procurement and assembly of components for the company’s planned demonstration facility in Iceland, as well as for corporate marketing initiatives, investor relations and working capital.
The Company expects that Company insiders may participate in the Financing. The extent of any insider participation has not yet been determined. Any insider participation will be disclosed in accordance with the policies of the TSX Venture Exchange and applicable securities laws. The Financing can be concluded in one or more tranches.
Finder’s fees may be payable in connection with the financing, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.
All securities issued under the Financing are 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 from the TSX Venture Exchange.
The securities offered under 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 absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Syntholeen
Syntholene is actively commercializing its new hybrid thermal production system for low-cost clean fuel synthesis. The target output is ultra-pure synthetic jet fuel, produced at a 70% lower cost than today’s most competitive technology. The company’s mission is to deliver the world’s first truly high-quality, low-cost and carbon-neutral synthetic fuel on an industrial scale, unlocking for the first time the potential to produce clean synthetic fuel at a lower cost than fossil fuels.
Syntholene’s power-to-liquid strategy uses thermal energy to enable proprietary integrations of hydrogen production and fuel synthesis. Syntholene has secured 20 MW of dedicated energy to support the company’s upcoming demonstration facility and commercial scale-up.
Founded by experienced operators in advanced energy infrastructure, nuclear technology, low-emission steel refining, process engineering and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuels, accelerating the commercialization of carbon-neutral eFuels in global markets.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. The use of the words “expect,” “anticipate,” “seek,” “continue,” “estimate,” “goal,” “may,” “will,” “project,” “should,” “believe,” “plan,” “intends” and similar expressions are intended to identify forward-looking information or statements. All statements, other than statements of historical fact, including but not limited to statements regarding the completion of the financing, the proposed use of proceeds from the financing, TSXV approval, development of the test facility, commercial scalability, technical and economic viability, expected availability of geothermal energy, expected benefit from eFuel and future commercial opportunities, are forward-looking statements.
The forward-looking statements and information are based on certain material expectations and assumptions of the Company, including, but not limited to, the assumptions that the Company will be able to complete the Financing on the terms proposed or at all, that the TSXV will approve the Financing, that the Company will be able to execute its business plan, including that it will use any proceeds from the Financing as described herein, that the Company will be able to advance its planned testing facility, that the eFuel will have the expected benefits, that there is market acceptance, and that the company will be able to access financing if necessary to finance its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as the Company can give no assurance that they will prove to be correct. Because forward-looking statements and information relate to future events and circumstances, by their nature they involve inherent risks and uncertainties.
The forward-looking statements and information are based on certain material expectations and assumptions of the Company, including but not limited to the assumptions that the Company will be able to execute its business plan, that the eFuel will deliver the expected benefits, that market acceptance will occur and that the Company will be able to access financing as necessary to fund its business plan. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as the Company can give no assurance that they will prove to be correct. Because forward-looking statements and information relate to future events and circumstances, by their nature they involve inherent risks and uncertainties.
Actual results may differ materially from those currently expected due to a number of factors and risks, including, but not limited to, Syntholene’s ability to meet production targets, realize expected economic benefits, overcome technical challenges, secure financing, maintain regulatory compliance, manage geopolitical risks and successfully negotiate final terms. Syntholene undertakes no obligation to update or revise these forward-looking statements, except as required by applicable securities laws.
Readers are cautioned not to place undue reliance on these forward-looking statements.
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