Syntholene has announced that it intends to complete a non-brokered private placement of up to $2.0 million (€1.6 million).

The financing is expected to consist of the issuance of units of the company (the 'units') at a price of $0.45 (€0.38) per unit, with each unit comprising one common share of the company and one non-transferable common share purchase warrant. Each whole Warrant will entitle the holder to purchase one additional common share at an exercise price of $0.63 (€0.53) for a period of two years from the date of issuance, subject to an acceleration provision in accordance with the terms of the financing.

Gross proceeds from the financing are expected to be used as follows: up to approximately $1.5 million (€1.2 million) toward the procurement and assembly of components for the company’s planned demonstration facility in Iceland, and up to approximately $0.5 million (€0.4 million) toward corporate marketing initiatives, investor relations and working capital.

The company expects that insiders of the company may participate in the financing. The extent of insider participation, if any, has not been determined at this time. Any insider participation will be disclosed in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finder’s fees may be payable in connection with the Financing, subject to compliance with applicable securities laws and the policies of the TSX Venture Exchange.

All securities issued pursuant to the Financing will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. Completion of the Financing remains subject to the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.

The securities offered pursuant to the Financing have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.