Synex Renewable Energy Corporation Announces Proposed Private Placement

Vancouver, British Columbia--(Newsfile Corp. - December 21, 2022) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company") is pleased to announce a proposed non-brokered private placement financing (the "Offering") of up to 357,142 common shares ("Common Shares") in the capital of the Company at a price of $2.80 per Common Share for aggregate gross proceeds of up to approximately $1,000,000.

No commissions or fees are payable in connection with the Offering. The proceeds from the Offering will be used to maintain the Company's existing operations and general working capital requirements, and to develop the Company's 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia.

The closing of the Offering is subject to receipt of all necessary approvals, including approval of the Toronto Stock Exchange. All securities issued under the Offering will be subject to statutory hold periods expiring four months and one day from the date of closing of the Offering.

About Synex

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 17 wind development sites that could provide up to 4,850 MW of clean power in British Columbia. For further information, visit www.synex.com.

Daniel J. Russell
President & CEO, Synex Renewable Energy Corporation. (Formerly, Synex International Inc.)
524 Locust St., Burlington, ON, L7S 1V2
Phone (905) 329-5000
E-mail: daniel.russell@synex.com

Forward-looking Information - This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information included in this press release reflects the current expectations of Synex management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "target", "will", "would" and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation, the closing of the Offering, the terms thereof and the expected use of proceeds in respect of the Offering.

Forward-looking information involves significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such risk factors or assumptions include, but are not limited to: changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies. Synex cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Synex with Canadian securities regulatory authorities. Synex assumes no obligation or intention to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/149104