Synex International Inc. Announces Proposed Private Placement

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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.




Greg Sunell, President


400 – 1444 Alberni Street, Vancouver B C  V6G 2Z4

Phone (604)  688 8271  Ext. 309  Fax  (604)  688 1286

E-mail:   Web Site:


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:

Source: Synex International Inc. (TSX:SXI)

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