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Highlights

  • Sitka Power has acquired 100% of Synex shares for CAD 2.40 per share in a CAD 12 million deal.
  • Synex shares will be delisted from the Toronto Stock Exchange following the completed acquisition.
  • Sitka has appointed new directors and officers to Synex, replacing the former board and executives.

Sitka Power Inc. (TSX:SXI) has completed its acquisition of Synex Renewable Energy Corporation for a total cash consideration of CAD 12,017,474.40. The transaction was completed through a statutory plan of arrangement under the Business Corporations Act of British Columbia, with each Synex common share purchased for CAD 2.40.

Synex, headquartered in Vancouver, operates renewable energy assets in British Columbia, including 11 megawatts of running hydro projects and 9.4 megawatts of construction-ready run-of-river projects. The company also holds development rights and applications over hydroelectric sites totaling more than 150 megawatts and approximately 4,700 megawatts of potential wind power capacity across 16 sites.

With the transaction finalized, Sitka Power now owns all 5,007,281 issued and outstanding Synex shares. Sitka had no prior ownership in the company. Synex’s common shares will be delisted from the Toronto Stock Exchange in the coming days, and the company has submitted applications to cease being a reporting issuer in Canada.

As part of the closing process, directors Tanya DeAngelis, Daniel J. Russell, Majed Masad, Richard McGivern, and Danny Sgro have resigned from Synex’s board. Officers Tanya DeAngelis, Daniel J. Russell, and Hari Rupawala have also stepped down. Sitka representatives have been appointed to fill both board and management roles.

Sitka Power is a Calgary-based renewable energy developer and independent power producer, operating across Alberta, British Columbia, Saskatchewan, and Ontario. The company is a portfolio entity of Long Life Capital Management – Canadian Infrastructure Fund I LP.