Synex International Inc. has completed the sale of 3.7 million common shares in a private placement to Nilock Capital Corp., at 45 Canadian cents per share for gross proceeds of about C$1.7 million.
The British Columbia hydroelectric developer will use the proceeds for developing the 4.3-MW Newcastle Creek Hydroelectric Project and the 5-MW McKelvie Creek Hydro project, as well as for general corporate purposes, including working capital.
As part of the private placement, Arthur Irving Jr. has been appointed as a director on Synex's board. Irving owns a controlling stake in Nilock Capital.
Synex granted Irving incentive stock options to buy up to 100,000 shares. The company also granted recently appointed corporate secretary Mark Stephens incentive stock options to purchase about 50,000 shares, and a grant of 200,000 options to a consultant.