Synex Renewable Energy Corporation announced that it has received CAD 0.499999 million in funding from Russell Industries Corp.

Synex Renewable Energy Corporation announced a non-brokered private placement of 196,078 common shares at a price of CAD 2.55 per common share for aggregate gross proceeds of CAD 499,999 on February 14, 2023. The transaction included participation from returning investor Russell Industries Corp. The common shares issued will be subject to a four month hold period from the closing of the transaction pursuant to applicable securities laws.

Prior to completion of the transaction, Daniel J. Russell owned, or had control or direction over, 2,269,579 common shares, representing approximately 57.04% of the issued and outstanding common shares. Post completion of the transaction, Daniel J. Russell owns, or has control of direction over, 2,465,657 common shares, representing approximately 59.05% of the issued and outstanding common shares.