Syntholene Energy Corp. (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) has upsized its non-brokered private placement to $2.0 million and closed the first tranche, raising approximately $1.19 million in gross proceeds, according to a press release issued July 23, 2026.

The financing now consists of up to 4,444,444 units priced at $0.45 per unit. Each unit includes 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.

Under the first tranche, the company issued 2,648,888 units at $0.45 per unit. The company said proceeds will be used for testing and production at its demonstration facility in Húsavík, Iceland, and for general working capital.

In connection with the first tranche, Syntholene paid approximately $8,200 in cash finder's fees and issued 12,000 finder's warrants exercisable at $0.45 per share for two years from issuance.

All securities issued are subject to a statutory hold period of four months and one day from issuance. Completion of the financing remains subject to regulatory approvals, including approval from the TSX Venture Exchange.