SLE Synergy Announces Closing of $2.5 Million Private Placement Financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Dec. 29, 2020 /CNW/ - SLE Synergy Ltd. (CSE: SLE) ("SLE" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement financing through the issuance of 29,545,556 common shares in the capital of the Company (the "Common Shares" and each individually, a "Common Share") at a price of $0.0873 per Common Share, raising gross proceeds in the amount of $2,579,327 (the "Offering").  

The Company did not pay any finder's fee in relation to the Offering.

All securities issued in connection with the Offering are subject to a statutory hold period of four-months and one day. The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

SLE PROVIDES CORRECTION TO DECEMBER 23, 2020 NEWS RELEASE

The Company also announces a correction to its news release dated December 23, 2020, entitled "SLE Synergy Announces Non-Brokered Private Placement of Common Shares" (the "Previous Release"). The offering price of the Common Shares under the Offering is $0.0873 per Common Share, and not $0.873 per Common Share as stated in the Previous Release.

Appointment of New Director

The Company is pleased to announce the appointment of a new director, Mr. Li Cunkou, to the board of directors of the Company (the "Board"). A biography of Mr. Li Cunkou is provided below:

Mr. Li Cunkou has over 30 years of business experience in Asia.  He founded a marine equipment technology company that supplies products and services to the oil and gas, ship building, sea safety and rescue, marine logistics industries.  As an angel investor, Mr. Li Cunkou has invested and nurtured companies in the various fields of technology and supported their growth in the Asia Pacific region. Mr. Li Cunkou graduated from Hefei Institute of Technology, with a major in mechanical design, manufacturing and automation.  He has also filed several patents relating to marine technologies.    

Vincent Lim, Chief Executive Officer and Chairman of the Company, commented on the appointment of Mr. Li Cunkou to the Board, "Mr. Li's strong understanding of technology and extensive network throughout Asia makes him a valuable addition to the Board.  I look forward to working with him to create value for all our stakeholders."

Early Warning Disclosure

Pursuant to the Offering, Mr. Li Cunkou acquired a total of 23,990,000 Common Shares, representing 30.72% of the issued and outstanding Common Shares on a fully-diluted basis, thereby requiring disclosure pursuant to the early warning requirements of applicable securities laws.

Mr. Li Cunkou acquired the Common Shares for investment purposes. He does not have any current intentions to increase or decrease beneficial ownership or control or direction over any additional securities of the Company. He may, from time to time, and depending on market and other conditions, acquire additional Common Shares through market transactions, private agreements, treasury issuances, dividend reinvestment programs, exercise of options, convertible securities or otherwise, may sell all or some portion of the Common Shares he owns or otherwise trades in or with respect to securities of the Company.

To obtain a copy of the early warning report filed by the Company, please contact Lai Jun Wah at [phone]) or refer to the SEDAR (www.sedar.com) profile of the Company.

About SLE Synergy

SLE's operations are based out of Singapore, with its primary business being to provide one-stop turnkey engineering, procurement, and construction management solutions that range from consultancy and design, to the construction of projects involving high technology production facilities, primarily in Singapore and mainland China. SLE is also developing its waste management services division in Shanghai, China, which focuses on converting waste into organic compost.

ON BEHALF OF SLE SYNERGY

"Vincent Lim"

Vincent Lim
Chairman and Chief Executive Officer

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

The securities issued in connection with the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

Forward-Looking Information: This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release, include those statements relating to the general use of the net proceeds of the Offering and the intentions of the use of the Common Shares by Mr. Li Cunkou. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

These statements speak only as of the date of this News Release and are not guarantees of future performance and are subject to numerous risks and uncertainties.  Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. All forward-looking statements in this press release are qualified by these cautionary statements. These statements are made as of the date of this news release and except as required by applicable law, the Company undertakes no obligations to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligations to comment on analyses, expectations or statements made by third parties in respect of the Company, its financial or operating results or its securities.

SOURCE SLE Synergy Ltd.

[email protected].