Syntholene Energy Corp. (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) announced a non-brokered private placement of up to $1.5 million, with units priced at $0.45 each.

Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant allows the holder to acquire one common share at $0.63 for two years from the date of issuance, subject to an acceleration provision.

According to the company's press release, proceeds will be used for testing and production at its demonstration facility in Húsavík, Iceland, and for general working capital.

The offering is expected to close on or about July 21, 2026, subject to regulatory approvals, including approval from the TSX Venture Exchange. The company may pay commissions in connection with the financing as permitted under applicable securities laws.

Syntholene noted that insiders may participate in the financing, though the extent of any such participation has not been determined. Securities issued under the financing will be subject to a hold period of four months and one day from the date of issuance.

Dan Sutton, Syntholene's Chief Executive Officer, said, "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 securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption.