Syntholene Energy upsizes private placement to $3.75 million

Syntholene Energy Corp. (TSXV: ESAF) announced it will increase its previously disclosed non-brokered private placement from $2.0 million to $3.75 million.

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

The company stated proceeds will fund procurement and assembly of components for a demonstration facility in Iceland, along with corporate marketing, investor relations and working capital.

Syntholene indicated company insiders may participate in the financing, though the extent of participation has not been determined. Any insider involvement will be disclosed according to TSX Venture Exchange policies and securities laws.

The financing may close in multiple tranches and remains subject to regulatory approvals, including TSX Venture Exchange approval. Securities issued will be subject to a four-month-and-one-day hold period under applicable securities laws.

Finder's fees may be paid in connection with the financing, subject to securities law compliance and exchange policies.

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

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