Announcement • Apr 01
Shares of Synex Renewable Energy Corporation to Delist from the TSX Synex Renewable Energy Corporation announced that it has entered into a definitive arrangement agreement dated March 27, 2025 (the 'Arrangement Agreement') with Sitka Power Inc. ('Sitka' or the 'Purchaser'), whereby the Purchaser has agreed to acquire 100% of the issued and outstanding common shares (the 'Company Shares') of the Company (the 'Transaction'). In connection with the closing of the Transaction, the Company Shares will be delisted from the TSX and the Company will apply to cease to be a reporting issuer. Announcement • Mar 30
Sitka Power Inc. entered into a definitive arrangement agreement to acquire Synex Renewable Energy Corporation (TSX:SXI) for CAD 12.02 million. Sitka Power Inc. entered into a definitive arrangement agreement to acquire Synex Renewable Energy Corporation (TSX:SXI) for CAD 12.02 million on March 27, 2025. Under the terms of the Arrangement Agreement, holders of Company Shares (the “Shareholders”) will receive CAD 2.40 in cash per Company Share (the “Transaction Consideration”) on completion of the Transaction, implying an enterprise value of approximately CAD 25.2 million. The Transaction Consideration represents a premium of approximately 58% to the 20-day volume weighted average price (“VWAP”) of the Company Shares on the Toronto Stock Exchange (the “TSX”) as of March 27, 2025, the last trading day prior to the announcement of the Transaction. In connection with the closing of the Transaction, the Company Shares will be delisted from the TSX and the Company will apply to cease to be a reporting issuer. The Arrangement Agreement provides for the payment by the Company to Sitka of a termination fee of CAD 600,000 in certain circumstances, including where the Company has accepted a superior proposal and terminates the Arrangement Agreement.
Completion of the Transaction is, among other customary matters, subject to: Approval by: (i) at least two-thirds of the votes cast by Shareholders at a special meeting (the “Company Meeting”); and (ii) a majority of the votes cast by Shareholders at the Company Meeting (excluding the votes cast by persons whose votes may not be included in determining minority approval of a “business combination” in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”)); Supreme Court of British Columbia approval of the Transaction; and Completion of all required regulatory approvals, including from the British Columbia Hydro and Power Authority and the British Columbia Utilities Commission, relating to the Transaction. All of the directors and officers of the Company, who collectively own approximately 67% of the outstanding Company Shares, have entered into voting and support agreements pursuant to which they have agreed to vote their Company Shares in favor of the Transaction. The Special Committee, comprised of Richard McGivern and Danny Sgro, after receiving legal and financial advice, including the fairness opinions from the financial advisors discussed below, has unanimously recommended that the Board approve the Arrangement Agreement having determined, among other things, that the Transaction is fair to the Shareholders from a financial point of view.
Dentons Canada LLP is acting as legal advisor to the Company. Stikeman Elliott LLP is acting as legal advisor to Sitka. Beacon Securities Limited is acting as financial advisor to the Company. Morrison Park Advisors is acting as independent financial advisor to the Special Committee of Synex Renewable. The Special Committee of Synex Renewable has obtained a fairness opinion from each of Beacon Securities Limited (who acted as financial advisor to the Company in connection with the Transaction) and Morrison Park Advisors. Announcement • Feb 15
Synex Renewable Energy Corporation Appoints Majed Masad to the Board Synex Renewable Energy Corporation announced that its board of directors of the Company has appointed Majed Masad to the Board, effective immediately. Mr. Masad is the co-founder of Mejuri and brings over 10 years of management and leadership experience. He also previously served as a special advisor and partner at FirePower Capital. Mr. Masad received an MBA in international business and finance at the Toronto Metropolitan University. Announcement • Jan 30
Synex Renewable Energy Corporation Announces Resignation of Murray Margolis as Director Synex Renewable Energy Corporation announced that Murray Margolis has resigned as director of the Company effective January 29, 2025. Mr. Margolis leaves the Board of Directors to focus on other commitments. Announcement • Jan 22
Synex Renewable Energy Corporation Announces Resignation of Adarsh Mehta as Director Synex Renewable Energy Corporation announced that Adarsh Mehta has resigned as director of the Company effective January 20, 2025. Ms. Mehta joined the board of directors of the Company in 2020, and also served on the audit committee of the Company. Reported Earnings • Nov 06
First quarter 2025 earnings released: CA$0.078 loss per share (vs CA$0.19 loss in 1Q 2024) First quarter 2025 results: CA$0.078 loss per share (improved from CA$0.19 loss in 1Q 2024). Revenue: CA$209.9k (up 51% from 1Q 2024). Net loss: CA$368.8k (loss narrowed 51% from 1Q 2024). Announcement • Oct 22
Synex Renewable Energy Corporation announced that it has received CAD 0.549999 million in funding from Daniel J. Russell Investments, Inc. Synex Renewable Energy Corporation announced that it has closed a non-brokered private placement on October 22, 2024. The company has issued 308,988 common shares CAD 1.78 per common share for aggregate gross proceeds of CAD 549,998.64. The common shares issued pursuant to the offering will be subject to a four month hold period from the closing of the Offering pursuant to applicable securities laws. Daniel J. Russell, through an entity controlled by him, purchased 293,371 Common Shares as part of the Offering for an amount equal to CAD 522,200.38. Prior to the Offering, Mr. Russell owned, or had control or direction over 2,823,575 Common Shares, representing approximately 60.10% of issued and outstanding Common Shares on a partially diluted basis. After the Offering, Mr. Russell owns, or has control of direction over, 3,116,946 Common Shares, representing approximately 62.25% of the issued and outstanding Common Shares on a partially diluted basis. Mr. Russell indirectly acquired the Shares for investment purposes. Mr. Russell may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Issuer. Announcement • Oct 07
Synex Renewable Energy Corporation, Annual General Meeting, Dec 06, 2024 Synex Renewable Energy Corporation, Annual General Meeting, Dec 06, 2024. Location: ontario, toronto Canada Reported Earnings • Oct 02
Full year 2024 earnings released: CA$0.26 loss per share (vs CA$0.43 loss in FY 2023) Full year 2024 results: CA$0.26 loss per share (improved from CA$0.43 loss in FY 2023). Revenue: CA$2.68m (up 22% from FY 2023). Net loss: CA$1.20m (loss narrowed 31% from FY 2023). Reported Earnings • May 17
Third quarter 2024 earnings released: CA$0.013 loss per share (vs CA$0.053 loss in 3Q 2023) Third quarter 2024 results: CA$0.013 loss per share (improved from CA$0.053 loss in 3Q 2023). Revenue: CA$929.5k (up 7.5% from 3Q 2023). Net loss: CA$58.9k (loss narrowed 73% from 3Q 2023). New Risk • Feb 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$424k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$424k free cash flow). Market cap is less than US$10m (€7.02m market cap, or US$7.57m). Minor Risks Shareholders have been diluted in the past year (13% increase in shares outstanding). Revenue is less than US$5m (CA$2.7m revenue, or US$2.0m). Reported Earnings • Feb 16
Second quarter 2024 earnings released: EPS: CA$0.019 (vs CA$0.15 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.019 (up from CA$0.15 loss in 2Q 2023). Revenue: CA$972.7k (up 112% from 2Q 2023). Net income: CA$83.7k (up CA$669.9k from 2Q 2023). Profit margin: 8.6% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Announcement • Nov 23
Synex Renewable Energy Corporation announced that it has received CAD 0.622137 million in funding Synex Renewable Energy Corporation announced a non-brokered private placement of 355,507 common shares at a price of CAD 1.75 per common share for aggregate gross proceeds of CAD 622,137.25 on November 22, 2023. The transaction included participation from certain insiders of the company. The common shares issued pursuant to the offering will be subject to a four month hold period from the closing of the offering pursuant to applicable securities laws. Reported Earnings • Nov 17
First quarter 2024 earnings released: CA$0.19 loss per share (vs CA$0.19 loss in 1Q 2023) First quarter 2024 results: CA$0.19 loss per share (in line with 1Q 2023). Revenue: CA$139.1k (down 16% from 1Q 2023). Net loss: CA$745.9k (flat on 1Q 2023). Announcement • Sep 30
Synex Renewable Energy Corporation, Annual General Meeting, Nov 27, 2023 Synex Renewable Energy Corporation, Annual General Meeting, Nov 27, 2023. Location: Toronto, ON Toronto Canada Reported Earnings • Sep 29
Full year 2023 earnings released: CA$0.43 loss per share (vs CA$0.17 loss in FY 2022) Full year 2023 results: CA$0.43 loss per share (further deteriorated from CA$0.17 loss in FY 2022). Revenue: CA$2.20m (down 34% from FY 2022). Net loss: CA$1.75m (loss widened 164% from FY 2022). Announcement • Jul 01
Synex Renewable Energy Corporation announced that it has received CAD 0.299999 million in funding Synex Renewable Energy Corporation announced a non-brokered private placement of 167,597 common shares at a price of CAD 1.79 per common share for aggregate gross proceeds of CAD 299,998.63 on June 30, 2023. The Offering involved the issuance of Common Shares to certain insiders of the Company. The Common Shares issued pursuant to the Offering will be subject to a four month hold period from the closing of the Offering pursuant to applicable securities laws. Reported Earnings • May 18
Third quarter 2023 earnings released: CA$0.053 loss per share (vs CA$0.014 profit in 3Q 2022) Third quarter 2023 results: CA$0.053 loss per share (down from CA$0.014 profit in 3Q 2022). Revenue: CA$864.6k (down 2.2% from 3Q 2022). Net loss: CA$213.8k (down 489% from profit in 3Q 2022). Announcement • Feb 16
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. Reported Earnings • Feb 16
Second quarter 2023 earnings released: CA$0.15 loss per share (vs CA$0.035 profit in 2Q 2022) Second quarter 2023 results: CA$0.15 loss per share (down from CA$0.035 profit in 2Q 2022). Revenue: CA$458.4k (down 62% from 2Q 2022). Net loss: CA$586.3k (down CA$723.8k from profit in 2Q 2022). Recent Insider Transactions • Nov 23
Independent Director recently bought €427k worth of stock On the 15th of November, Adarsh Mehta bought around 190k shares on-market at roughly €2.24 per share. This transaction amounted to 86% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €706k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 16
First quarter 2023 earnings released: CA$0.19 loss per share (vs CA$0.16 loss in 1Q 2022) First quarter 2023 results: CA$0.19 loss per share (further deteriorated from CA$0.16 loss in 1Q 2022). Revenue: CA$165.9k (down 36% from 1Q 2022). Net loss: CA$744.0k (loss widened 14% from 1Q 2022). Reported Earnings • Nov 12
First quarter 2023 earnings released: CA$0.19 loss per share (vs CA$0.16 loss in 1Q 2022) First quarter 2023 results: CA$0.19 loss per share (further deteriorated from CA$0.16 loss in 1Q 2022). Revenue: CA$165.9k (down 36% from 1Q 2022). Net loss: CA$744.0k (loss widened 14% from 1Q 2022). Reported Earnings • Sep 29
Full year 2022 earnings released: CA$0.17 loss per share (vs CA$0.21 loss in FY 2021) Full year 2022 results: CA$0.17 loss per share (improved from CA$0.21 loss in FY 2021). Revenue: CA$3.35m (down 5.3% from FY 2021). Net loss: CA$663.6k (loss narrowed 22% from FY 2021).