Syntholene Energy Corp. has closed the final tranche of its non-brokered private placement, securing aggregate gross proceeds of approximately $2.3 million to fund testing and production at its clean fuel demonstration facility in Húsavík, Iceland.

The financing involved the issuance of 5,148,543 units priced at $0.45 each. Every unit consists of one common share and half of a common share purchase warrant. Each full warrant allows the holder to acquire an additional common share at an exercise price of $0.63 for two years. The warrants feature an acceleration clause that permits Syntholene to shorten the expiry timeline if the common shares trade at or above $0.90 on the TSX Venture Exchange for ten consecutive trading days.

Syntholene will direct the offering proceeds toward general working capital and upcoming testing and production activities at the Húsavík facility. The company completed construction of the geothermally-integrated Solid Oxide Electrolyzer Cell demonstration facility in June 2026.

Independent engineering reviews published in July 2026 by Kellogg Brown and Root LLC evaluated the platform's economics, estimating a levelized cost of hydrogen of approximately US$1.75 per kilogram under optimal local geothermal scenarios. Syntholene has scheduled extended effects testing and independent validation of system performance at the facility over the coming months.

In connection with the placement, Canaccord Genuity Corp. received a cash commission of $44,156, alongside 111,111 common shares, 55,555 warrants, and 98,124 broker warrants, while extending its right of first refusal to an 18-month period. Other finders shared aggregate cash commissions of $46,664 and received 63,137 broker warrants, which includes an $18,252 cash fee paid to Milestone Capital Partners. Broker warrants carry an exercise price of $0.45 per share for a two-year period.

All securities issued under the offering, including shares underlying warrants and broker warrants, remain subject to a statutory four-month and one-day hold period. The placement included participation from company insider John Kutsch, a director and officer who acquired 78,333 units for $35,249. The transaction was exempt from formal valuation and minority approval requirements under Multilateral Instrument 61-101, with disinterested board members approving the related-party transaction.

Read the full announcement: Syntholene Energy Corp. Announces Closing of Upsized Non-Brokered Private Placement