Syntholene Energy upsizes private placement

Chicago, Illinois--(Newsfile Corp. - August 7, 2026) - Syntholene Energy Corp. (TSXV: ESAF) (FSE: 3DD0) (OTCQB: SYNTF) ("Syntholene" or the "Company") announced today, that in order to meet increased investor demand, it has further upsized its previously announced non-brokered private placement offering to $2.3 million (the "Offering").

The Offering now consists of up to 5,111,111 units of the Company ("Units") at a price of $0.45 per Unit for gross proceeds of up to $2.3 million. Each Unit will consist of one common share of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each full warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one Common Share at an exercise price of $0.63 for a period of two years from the date of issuance of the Warrant, subject to an acceleration provision in accordance with the terms of the Warrant.

The Offering is expected to close on or about August 14, 2026, or such other date or dates as the Company may determine. The Company intends to use the proceeds of the Offering for future testing and production at the Company's demonstration facility in Húsavík, Iceland (the "Demonstration Facility") and for general working capital.

The Units issued pursuant to the Offering, the Finder's Warrants and any Common Shares underlying the Warrants and Finder's Warrants, 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 Offering remains subject to the receipt of all required regulatory approvals, including approval of the TSX Venture Exchange.

The securities offered pursuant to the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or for the account or benefit of U.S. persons, absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. This announcement has been prepared for publication in Canada and may not be released to U.S. wire services or distributed in the United States.

About Syntholene

Syntholene is actively commercializing its novel Hybrid Thermal Production System for low-cost clean fuel synthesis. The target output is ultrapure synthetic jet fuel, which the Company seeks to manufacture at 70% 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 operates the world's first geothermally-integrated high temperature electrolysis demonstration facility in Husavik, Iceland, which is now producing 99.9%+ purity Hydrogen.