Synex Renewable Energy Corporation Announces Completion of Private Placement
Synex Renewable Energy (TSX: SXI) has completed a non-brokered private placement financing, issuing 308,988 common shares at $1.78 per share, raising gross proceeds of $549,998.64. The company plans to use the funds for working capital and general corporate purposes. The issued shares are subject to a four-month hold period.
The offering involved insiders and is considered a 'related party transaction' under MI 61-101. Synex is relying on exemptions from formal valuation and minority shareholder approval requirements. Daniel J. Russell, through a controlled entity, purchased 293,371 shares for $522,200.38, increasing his ownership to 62.25% of outstanding shares on a partially diluted basis.
Synex Renewable Energy (TSX: SXI) ha completato un finanziamento di collocamento privato senza intermediari, emettendo 308.988 azioni ordinarie a $1,78 per azione, raccogliendo proventi lordi di $549.998,64. L'azienda prevede di utilizzare i fondi per capitalizzazione operativa e scopi aziendali generali. Le azioni emesse sono soggette a un periodo di blocco di quattro mesi.
Il collocamento ha coinvolto soggetti interni ed è considerato una 'transazione con parti correlate' ai sensi della MI 61-101. Synex si avvale di esenzioni dai requisiti di valutazione formale e approvazione dei soci di minoranza. Daniel J. Russell, tramite un'entità controllata, ha acquistato 293.371 azioni per $522.200,38, aumentando la sua partecipazione al 62,25% delle azioni in circolazione su base parzialmente diluita.
Synex Renewable Energy (TSX: SXI) ha completado un financiamiento de colocación privada sin intermediarios, emitiendo 308,988 acciones ordinarias a $1.78 por acción, recaudando ingresos brutos de $549,998.64. La compañía planea usar los fondos para capital de trabajo y fines corporativos generales. Las acciones emitidas están sujetas a un período de retención de cuatro meses.
La oferta involucró a personas internas y se considera una 'transacción con partes relacionadas' bajo la MI 61-101. Synex se basa en exenciones de los requisitos de valoración formal y aprobación de accionistas minoritarios. Daniel J. Russell, a través de una entidad controlada, adquirió 293,371 acciones por $522,200.38, aumentando su propiedad al 62.25% de las acciones en circulación sobre una base parcialmente diluida.
Synex Renewable Energy (TSX: SXI)는 중개인이 없는 민간 자금 조달을 완료하고, 308,988주 보통주를 주당 $1.78에 발행하여 총 $549,998.64의 자금을 모집했습니다. 회사는 이 자금을 운영 자금 및 일반 기업 목적으로 사용할 계획입니다. 발행된 주식은 4개월 보유 기간이 적용됩니다.
이번 발행은 내부자와 관련되어 있으며 MI 61-101에 따라 '관련자 거래'로 간주됩니다. Synex는 공식 평가 및 소액 주주 승인 요건에 대한 면제를 의존하고 있습니다. Daniel J. Russell는 제어하는 법인을 통해 293,371주를 $522,200.38에 구매하여 전체 주식의 62.25%를 부분적으로 희석된 기준으로 증가시켰습니다.
Synex Renewable Energy (TSX: SXI) a complété un financement de placement privé sans intermédiaire, en émettant 308 988 actions ordinaires à 1,78 $ par action, levant des produits bruts de 549 998,64 $. L'entreprise prévoit d'utiliser les fonds pour le fonds de roulement et des fins générales d'entreprise. Les actions émises sont soumises à une période de blocage de quatre mois.
L'offre a impliqué des insiders et est considérée comme une 'transaction entre parties liées' en vertu de la MI 61-101. Synex s'appuie sur des exemptions concernant l'évaluation formelle et les exigences d'approbation des actionnaires minoritaires. Daniel J. Russell, par l'intermédiaire d'une entité contrôlée, a acheté 293 371 actions pour 522 200,38 $, augmentant sa participation à 62,25% des actions en circulation sur une base partiellement diluée.
Synex Renewable Energy (TSX: SXI) hat eine nicht vermittelte Privatplatzierung abgeschlossen, indem 308.988 Stammaktien zu $1,78 pro Aktie ausgegeben wurden, was zu brutto Erlösen von $549.998,64 führte. Das Unternehmen plant, die Mittel für Betriebs- und allgemeine Unternehmenszwecke zu verwenden. Die ausgegebenen Aktien unterliegen einer viermonatigen Sperrfrist.
Das Angebot umfasste Insider und wird als 'Transaktion mit nahestehenden Personen' gemäß MI 61-101 angesehen. Synex beruft sich auf Ausnahmen von den Anforderungen an eine formelle Bewertung und die Genehmigung von Minderheitsaktionären. Daniel J. Russell erwarb über ein kontrolliertes Unternehmen 293.371 Aktien für $522.200,38, wodurch sich sein Anteil auf 62,25% der ausstehenden Aktien auf einer teilweise verwässert Basis erhöhte.
- Raised $549,998.64 in gross proceeds through private placement
- Insider participation demonstrates confidence in the company
- Funds to be used for working capital and general corporate purposes
- Potential dilution of existing shareholders
- Increased insider control, with Daniel J. Russell now owning 62.25% of shares
Vancouver, British Columbia--(Newsfile Corp. - October 22, 2024) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company") is pleased to announce that it has closed a non-brokered private placement financing (the "Offering") of common shares ("Common Shares") in the capital of the Company at a price of
Synex expects to use the proceeds of the Offering for working capital and general corporate purposes. The Common Shares issued pursuant to the Offering will be subject to a four month hold period from the closing of the Offering pursuant to applicable securities laws.
The Offering involved the issuance of Common Shares to certain insiders of the Company and, accordingly, is considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering were not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Offering, insofar as it involves related parties, exceeded
Daniel J. Russell, through an entity controlled by him, purchased 293,371 Common Shares as part of the Offering for an amount equal to
About Synex Renewable Energy Corporation
Synex is a Vancouver, British Columbia based company engaged in the development, acquisition, ownership, and operation of renewable energy projects in Canada. It has ownership interests in 12 MW of operating hydro projects in British Columbia and owns a Vancouver Island grid connection and utility carrying on business as Kyuquot Power Ltd. The Company also has 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia. For further information, visit www.synex.com.
For media inquiries, please contact:
Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation
4248 Broughton Ave., Niagara Falls, Ontario L2E 0A4
Phone (604) 688-8271
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Synex's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Synex's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved".
By identifying such information and statements in this manner, Synex is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Synex has made certain assumptions. Although Synex believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; and the other risks disclosed in the Company's annual information form dated September 27, 2024 and available on the Company's profile at www.sedarplus.ca. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Synex does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Synex or persons acting on its behalf is expressly qualified in its entirety by this notice.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227402
FAQ
How much did Synex Renewable Energy (TSX: SXI) raise in its private placement?
What is the purpose of the funds raised by Synex Renewable Energy (TSX: SXI)?
How did Daniel J. Russell's ownership in Synex Renewable Energy (TSX: SXI) change after the private placement?
What regulatory exemptions did Synex Renewable Energy (TSX: SXI) rely on for this private placement?
