02:11:58 EDT Tue 01 Jul 2025
Enter Symbol
or Name
USA
CA



Synex Renewable Energy Corp
Symbol SXI
Shares Issued 5,007,281
Close 2025-05-23 C$ 2.30
Market Cap C$ 11,516,746
Recent Sedar Documents

Synex Renewable holders approve acquisition by Sitka

2025-05-27 19:56 ET - News Release

Mr. Daniel Russell reports

SYNEX RENEWABLE ENERGY CORPORATION ANNOUNCES VOTING RESULTS FROM THE SPECIAL MEETING OF SHAREHOLDERS

Synex Renewable Energy Corp. shareholders have approved the previously announced statutory plan of arrangement pursuant to the Business Corporations Act (British Columbia), whereby Sitka Power Inc. will acquire all of the issued and outstanding common shares of the company for $2.40 in cash per common share.

Three million six hundred seventy-six thousand six hundred thirty-eight votes, or approximately 82.74 per cent of the votes cast at the special meeting of the shareholders, held on May 27, 2025, were cast in favour of the special resolution approving the arrangement. Three million five hundred fifty-three thousand eight hundred thirty-eight votes, or approximately 82.25 per cent of the votes cast at the meeting, excluding votes casts 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, were cast in favour of the arrangement.

Pursuant to the arrangement agreement dated March 27, 2025, as amended, entered into between the company and Sitka, the special resolution approving the arrangement was required to be passed by: (i) at least two-thirds (66-2/3rds per cent) of the votes cast by shareholders at the meeting; and (ii) a majority of the votes cast by shareholders at the meeting (excluding votes casts by persons whose votes may not be included in accordance with MI 61-101). Details of the voting results will be filed under the company's profile on SEDAR+.

The company will seek a final order approving the arrangement from the Supreme Court of British Columbia, which is expected to take place on May 29, 2025. Subject to receiving all required regulatory approvals relating to the arrangement, including from the British Columbia Utilities Commission and British Columbia Hydro and Power Authority, and satisfaction of other customary closing conditions, including final approval of the court, the arrangement is expected to close during the second half of 2025. Immediately following the completion of the arrangement, the company will be delisted from the Toronto Stock Exchange and become a wholly owned subsidiary of Sitka.

Further details regarding the arrangement, including the regulatory approvals, closing conditions and the benefits for the shareholders, can be found in the company's management proxy circular dated April 24, 2025, in respect of the meeting, which can be found under the company's SEDAR+ profile.

About Synex Renewable Energy Corp.

Based in Vancouver, B.C., Synex 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 B.C.

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 B.C., Alberta, Saskatchewan and Ontario.

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