Mr. Daniel Russell reports

SYNEX RENEWABLE ENERGY CORPORATION ANNOUNCES COMPLETION OF PRIVATE PLACEMENT

Synex Renewable Energy Corp. has closed a non-brokered private placement financing of common shares in the capital of the company at a price of $1.78 per common share. An aggregate of 308,988 common shares were issued for aggregate gross proceeds of $549,998.64.

Synex expects to use the proceeds of the offering for working capital and general corporate purposes. 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.

The offering involved the issuance of common shares to certain insiders of the company and, accordingly, is considered a related party transaction for purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company did not file a material change report more than 21 days before the expected closing date of the offering, as the details of the offering were not settled until shortly prior to the closing of the offering, and the company wished to close the offering on an expedited basis for sound business reasons. The company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the offering, insofar as it involves related parties, exceeded 25 per cent of the company's market capitalization. The offering was unanimously approved by the directors of the company that did not participate in the offering.

Daniel J. Russell, through an entity controlled by him, purchased 293,371 common shares as part of the offering for an amount equal to $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 per cent 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 per cent 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 continue to hold the securities of the issuer.

About Synex Renewable Energy Corp.

Synex is a Vancouver-based company engaged in the development, acquisition, ownership and operation of renewable-energy projects in Canada. It has ownership interests in 12 megawatts 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 totalling 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.

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