Share Consolidation and Name Change Toronto, Ontario--(Newsfile Corp. - January 31, 2022) - Synex Renewable Energy Corporation (TSX: SXI) (formerly, Synex International Inc.) ("Synex", or the "Company") is pleased to announce that it has completed, effective today, a consolidation of the common shares in the capital of the Company (the "Shares") outstanding on the basis of ten (10) pre-consolidation Shares for every one (1) post-consolidation Share (the "Consolidation"), and has changed the name of the Company to "Synex Renewable Energy Corporation" (the "Name Change"). The Consolidation and Name Change was previously approved by the Company's shareholders at its annual and special meeting of shareholders held on November 26, 2021.
Notice of the Consolidation and Name Change has been provided to the Toronto Stock Exchange ("TSX"). The Shares will continue to be listed on the TSX under the symbol "SXI," and the Shares are expected to begin trading on a post-Consolidation and Name Change basis on the TSX on or about February 3, 2022. Following the Consolidation and Name Change, the new CUSIP number for the Shares is 87168M106 and the new ISIN for the Shares is CA87168M1068.
As a result of the Consolidation, the 40,075,139 Shares issued and outstanding prior to the Consolidation have been reduced to approximately 4,007,511 Shares (disregarding the treatment of any resulting fractional shares). Each shareholder's percentage ownership in the Company and proportional voting power remains unchanged after the Consolidation, except for minor changes and adjustments resulting from the treatment of any resulting fractional Shares. The Company will not be issuing fractional post-Consolidation Shares. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional Share, the number of post-Consolidation Shares issued to such shareholder will be rounded down to the nearest whole number of Shares.
The Company's transfer agent, Computershare Investor Services Inc. ("Computershare"), will act as the exchange agent for the Consolidation and Name Change. In connection with the Consolidation and Name Change, Computershare has sent a letter of transmittal to registered shareholders holding their Shares in certificated form to exchange their old share certificates for new share certificates, in accordance with the instructions provided in the letter of transmittal. Registered shareholders will be able to obtain additional copies of the letter of transmittal through Computershare. Until surrendered, each certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.
Registered holders holding their Shares by way of a Direct Registration System Advice/Statement, and non-registered beneficial holders holding their Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) will not need to complete a letter of transmittal. Non-registered beneficial holders holding their Shares through an intermediary should note that such intermediaries may have specific procedures for processing the Consolidation and Name Change. Shareholders holding their Shares through such an intermediary and who have any questions in this regard are encouraged to contact their intermediary.
The exercise or conversion price and the number of Shares issuable under any of the Company's outstanding convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
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 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.