Synex International Inc. Announces Proposed Private Placement
Vancouver, British Columbia (FSCwire) - Synex International Inc. (the
“Company”) announces that it intends to proceed with a non-brokered private placement financing (the
“Financing”) of 3,700,000 common shares (each, a “Share”) with Nilock Capital Corporation
(“Nilock Capital”), at a price of $0.45 per Share, for gross proceeds of $1,665,000. The proceeds of the
Financing are expected to be used for development of the 4.3 MW Newcastle Creek Project and the 5.0 MW McKelvie Creek Hydro as
well as general corporate purposes, including working capital. The Company expects that such proceeds, together with future
borrowings, will provide the Company with sufficient capital to complete these projects. All securities issued in connection with
the Financing will be subject to a statutory hold period expiring four months and one day after issuance of the securities.
In connection with the Financing, Arthur Irving Jr. will be appointed as a Director of the Company. Nilock Capital is
controlled by Mr. Irving. As a result of Mr. Irving’s appointment, the Board of Directors of the Company will be comprised of
seven members. Mr. Irving has over 25 years’ experience, which includes terms as Executive Vice President and a Director of
Irving Oil Ltd. and President of Cobalt Properties Ltd.
The Company is a successful hydroelectric developer and consultant in British Columbia. The Company wholly
owns or has proportionate interests in a total of 12 MW of operating facilities and 9.3 MW of construction ready facilities,
awaiting electricity purchase agreements from BC Hydro. In addition, the Company has applications for water licences and
land tenure on 24 potential hydroelectric sites totaling over 150 MW of installed capacity.
“signed”
______________________________________
Greg Sunell, President
400 – 1444 Alberni Street, Vancouver B C V6G 2Z4
Phone (604) 688 8271 Ext. 309 Fax (604) 688 1286
E-mail: gsunell@synex.com Web Site: www.synex.com
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. These statements reflect our
current expectations and are subject to change. They are subject to a number of risks and uncertainties including, but not
limited to, changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and
changes in government policies. The Company assumes no obligation to update or revise forward-looking information to reflect
changes in assumptions, changes in circumstances or any other events affecting such forward-looking information, except as
required by applicable law.
To view the associated document to this release, please click on the following link:
public://news_release_pdf/Synex02142018.pdf
To view the original release, please click here
Source: Synex International Inc. (TSX:SXI)
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