Syntholene Energy announces $2 million private placement for Iceland facility

Syntholene Energy Corp. (TSXV: ESAF) announced plans to complete a non-brokered private placement of up to $2 million, according to a company statement.

The financing will consist of units priced at $0.45 each, with each unit comprising one common share and one warrant. The warrants will allow holders to purchase additional shares at $0.63 for two years from issuance.

The company plans to allocate approximately $1.5 million toward procurement and assembly of components for a demonstration facility in Iceland. The remaining $0.5 million will fund corporate marketing, investor relations and working capital.

Company insiders may participate in the financing, though the extent of participation has not been determined. The company stated it will disclose any insider participation in accordance with TSX Venture Exchange policies and securities laws.

Securities issued in the financing will be subject to a four-month and one-day statutory hold period. The financing requires regulatory approvals, including TSX Venture Exchange approval.

Syntholene develops synthetic fuel technology through its Hybrid Thermal Production System. The company has secured 20MW of dedicated energy for its planned demonstration facility and commercial operations.

You May Also Be Interested In

• NVIDIA to acquire Hugging Face for $12.93 billion
• DA Davidson Reiterates Buy Rating on Barrick Gold Corp. (GOLD)
• StoneX Starts Monolithic Power Systems (MPWR) at Buy, 'Lean, Green, Monolithic Machine'