Vancouver, British Columbia--(Newsfile Corp. - August 1, 2025) - Synex Renewable Energy Corporation (TSX: SXI) ("Synex" or the "Company") and Sitka Power Inc. ("Sitka") are pleased to announce the completion today of the acquisition of all of the common shares of Synex (the "Common Shares") by Sitka in an all-cash transaction pursuant to a plan of arrangement (the "Arrangement") under Part 9, Division 5 of the Business Corporations Act (British Columbia). Sitka acquired each Common Share for C$2.40, for total consideration of C$12,017,474.40.
Mr. Trevor White, President and Chief Executive Officer of Sitka and President of Synex, commented:
"We are happy to have achieved all approvals and consents to finalize this transaction, and we're appreciative to all of those that supported from both sides. This acquisition expands our operating asset base to British Columbia, and with it comes an impressive pipeline of development projects during a significant stage of growth and demand in the market."
With the Arrangement now complete, the Common Shares will be delisted from the Toronto Stock Exchange in the coming days. The Company has submitted an application to cease to be a reporting issuer under applicable Canadian securities laws and to otherwise terminate the Company's public reporting requirements.
In connection with the completion of the Arrangement, Tanya DeAngelis, Daniel J. Russell, Majed Masad,
Richard McGivern and Danny Sgro resigned from the board of directors of the Company, each of Tanya DeAngelis, Daniel J. Russell, and Hari Rupawala ceased to be an officer of Synex and representatives of Sitka were appointed as directors and officers of Synex.
Details regarding the Arrangement are set out in Synex's management information circular and proxy statement dated April 24, 2025, a copy of which can be found under Synex's profile on SEDAR+ at www.sedarplus.com.
Additional Early Warning Report Information
Upon completion of the Arrangement, Sitka holds 5,007,281 Common Shares, representing 100% of the issued and outstanding Common Shares. Immediately prior to the completion of the Arrangement, Sitka did not hold, directly or indirectly, any Common Shares. An early warning report containing additional information will be filed by Sitka in accordance with applicable securities laws and will be available on SEDAR+ at www.sedarplus.ca or may be obtained directly from Sitka upon request to Cory St. Croix at (866) 467-4852. The head office address of Sitka is Suite 1500 - 639 5 Avenue SW, Calgary, Alberta T2P 0M9.
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 11 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 9.4 MW of construction ready run-of-river projects, applications, and land tenures on another 24 potential hydroelectric sites totaling over 150 MW of capacity, and approximately 16 wind development sites that could provide up to 4,700 MW of clean power in British Columbia.
For further information, visit www.synex.com.
About Sitka Power Inc.
Sitka is a small scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alberta, and active in British Columbia, Alberta, Saskatchewan, and Ontario. Sitka is a portfolio company of Long Life Capital Management - Canadian Infrastructure Fund I LP, which, via its general partner Long Life Capital Management - Canadian Infrastructure Fund I GP, is managed by Long Life Capital Holdings Inc., a private equity manager.
For further information, visit www.sitka-power.ca.
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Such forward-looking information or statements ("FLS") are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the results of the completion of the Arrangement and the delisting of the Common Shares.
FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, without limitation, the following factors, many of which are beyond the Company's control and the effects of which can be difficult to predict: (a) the possibility of adverse reactions or changes in business relationships resulting from the Arrangement; (b) credit, market, currency, operational, liquidity and funding risks generally and relating specifically to the Arrangement, including changes in economic conditions, interest rates or tax rates; (c) changes and trends in the Company's industry and the global economy; and (d) the identified risk factors included in the Company's public disclosure, including the annual information form dated September 27, 2024, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the assumptions underlying the FLS prove incorrect, actual results or future events might vary materially from those anticipated in the FLS. Although the Company has attempted to identify important risk factors that could cause actual results to differ materially from those contained in FLS, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such FLS. The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice.
Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise, except as required under applicable securities laws. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review the Company's continuous disclosure filings that are available under the Company's profile at www.sedarplus.ca.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The TSX accepts no responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Trevor White
President & CEO, Sitka Power Inc.
President, Synex Renewable Energy Corporation
Suite 1050 - 639 5 Ave SW, Calgary, Alberta T2P 0M9
Phone (403) 999-8781
twhite@sitka-power.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261034
SOURCE: Synex Renewable Energy Corporation
