SYNEX INTERNATIONAL INC BARR CREEK LIMITED PARTNERSHIP
October 04 2010 - 2:33PM
PR Newswire (Canada)
VANCOUVER, Oct. 4 /CNW/ -- TSX : SXI VANCOUVER, Oct. 4 /CNW/ - The
Barr Creek Limited Partnership ("BCLP") and its general partner,
Barr Creek Hydro Ltd. ("BCHL") are developing the Barr Creek Hydro
Project (the "Project"). The Project is a proposed 4.4 MW
hydroelectric plant to be located near the Village of Tahsis on
Vancouver Island, British Columbia. BCLP and BCHL will own,
construct and operate the Project during and after construction. On
October 1, 2010, Synex Energy Resources Ltd. ("SERL"), a wholly
owned subsidiary of Synex International Inc., and the Ehatteshat
Tribe ("EFN") subscribed for partnership units of BCLP and shares
of BCHL. SERL subscribed for 90% of the units and shares and EFN
subscribed for 10% of the units and shares. Under a separate
agreement, EFN has the option up until January 14, 2011 to purchase
from SERL an additional 10% of the units and shares. The total
value of the subscription by both parties on October 1, 2010 was
$3.6 million. The balance of funds necessary to substantially
complete construction of the Project is expected to be sourced from
bank lending. Prior to October 1, 2010, the funds utilized had been
from loan advances to BCLP from SERL and these loan advances were
fully repaid at October 1, 2010. Synex International Inc. is a
public company, trading on the TSX since 1987, with business
interests that cover the development, ownership and operation of
electrical generation facilities and the provision of consulting
engineering services in water resources, particularly hydroelectric
facilities. "signed" ______________________________________ Greg
Sunell, President 400 - 1444 Alberni Street, Vancouver, BC, V6G
2Z4, Phone (604) 688 8271, Ext. 309, Fax (604) 688 1286, E-mail:
gsunell@synex.com, Web Site: www.synex.com
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