Mr. Dan Sutton reports

SYNTHOLENE ENERGY CORP. ANNOUNCES $2.0 MILLION NON-BROKERED PRIVATE PLACEMENT

Syntholene Energy Corp. intends to complete a non-brokered private placement of up to $2-million.

The financing is expected to consist of the issuance of units of the company at a price of 45 cents per unit, with each unit comprising one common share of the company and one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at an exercise price of 63 cents for a period of two years from the date of issuance, subject to an acceleration provision in accordance with the terms of the financing.

Gross proceeds from the financing are expected to be used as follows: up to approximately $1.5-million toward the procurement and assembly of components for the company's planned demonstration facility in Iceland and up to approximately $500,000 toward corporate marketing initiatives, investor relations and working capital.

The company expects that insiders of the company may participate in the financing. The extent of insider participation, if any, has not been determined at this time. Any insider participation will be disclosed in accordance with the policies of the TSX Venture Exchange and applicable securities laws.

Finders' fees may be payable in connection with the financing, subject to compliance with applicable securities laws and the policies of the TSX-V.

All securities issued pursuant to the financing will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws. Completion of the financing remains subject to the receipt of all required regulatory approvals, including approval of the TSX-V.

About Syntholene Energy Corp.

Syntholene is actively commercializing its novel hybrid thermal production system for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, manufactured at 70 per cent lower cost than the nearest competing technology today. The company's mission is to deliver the world's first truly high-performance, low-cost and carbon-neutral synthetic fuel at an industrial scale, unlocking the potential to produce clean synthetic fuel at lower cost than fossil fuels, for the first time.

Syntholene's power-to-liquid strategy harnesses thermal energy to power proprietary integrations of hydrogen production and fuel synthesis. Syntholene has secured 20 megawatts of dedicated energy to support the company's coming demonstration facility and commercial scale-up.

Founded by experienced operators across advanced energy infrastructure, nuclear technology, low-emissions steel refining, process engineering and capital markets, Syntholene aims to be the first team to deliver a scalable modular production platform for cost-competitive synthetic fuel, thus accelerating the commercialization of carbon-neutral e-fuels across global markets.

We seek Safe Harbor.