Mr. Daniel Russell reports

SYNEX RENEWABLE ENERGY CORPORATION FILES CIRCULAR FOR SPECIAL MEETING OF SHAREHOLDERS AND ANNOUNCES RECEIPT OF INTERIM COURT ORDER FOR PLAN OF ARRANGEMENT

Synex Renewable Energy Corp. has filed and commenced mailing of its management information circular and related materials for its special meeting of the holders of common shares to be held on May 27, 2025, at 12 p.m. Toronto time, at the offices of Dentons Canada LLP located at 77 King St. West, Suite 400, Toronto, Ont., M5K 0A1. Synex also announces that the Supreme Court of British Columbia has granted an interim order dated April 24, 2025, providing for the calling and holding of the meeting and other procedural matters relating to the arrangement (as defined herein).

The meeting

At the meeting, shareholders will be asked to consider and vote on a special resolution approving the previously announced statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia), subject to the terms and conditions of an arrangement agreement dated March 27, 2025, as amended, entered into between Synex and Sitka Power Inc.

Under the terms of the arrangement agreement, Sitka will acquire all of the issued and outstanding common shares, with each shareholder receiving $2.40 in cash per common share. Immediately following the completion of the arrangement, Synex will be delisted from the Toronto Stock Exchange and become a wholly owned subsidiary of Sitka.

For the arrangement to become effective, the arrangement resolution must first be approved at the meeting by: (i) at least two-thirds of the votes cast by shareholders at the meeting; and (ii) a majority of the votes cast by shareholders at the 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).

The board of directors of the company and the independent special committee of the board unanimously recommend that shareholders vote for the arrangement resolution.

The circular provides important information about the arrangement, as well as related matters, including voting procedures and instructions for shareholders unable to attend the meeting. Shareholders are urged to read the circular and its appendices carefully and in their entirety. The circular is available under the company's profile on SEDAR+.

Subject to obtaining the requisite shareholder approval for the arrangement, receipt of all required regulatory approvals relating to the arrangement, including from the B.C. Utilities Commission, and B.C. Hydro and Power Authority, and the satisfaction of other customary closing conditions, including final approval of the court, all as more particularly described in the circular, the arrangement is expected to close during the second half of 2025.

About Synex Renewable Energy Corp.

Synex, based in Vancouver, B.C., is a company engaged in the development, acquisition, ownership and operation of renewable energy projects in Canada. It has ownership interests in 11 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 megawatts of construction-ready run-of-river projects, applications and land tenures on another 24 potential hydroelectric sites totalling over 150 megawatts of capacity, and approximately 16 wind development sites that could provide up to 4,700 megawatts of clean power in British Columbia.

About Sitka Power Inc.

Sitka is a small-scale Canadian renewable energy developer and independent power producer, headquartered in Calgary, Alta., which is active in British Columbia, Alberta, Saskatchewan and Ontario.

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