The Canadian energy firm will issue units including shares and warrants to fund testing and production at its Iceland facility.
Syntholene Energy (ESAF:CA) announced plans to raise up to $1.5M through a non-brokered private placement. Each unit, priced at $0.45, includes one common share and half a warrant, with full warrants exercisable at $0.63 per share for two years.
Proceeds will support testing and production at its demonstration facility in Húsavík, Iceland, and cover general working capital. The placement structure aims to attract investors while funding operational expansion.
No immediate market reaction was disclosed in the announcement.