VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 7, 2017) – SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) (“Solarvest” or the “Company”), announces it has completed a non-brokered private placement, pursuant to which the Company raised gross proceeds of up to $170,000 through the issuance of up to 680,000 Units at a price of $0.25 per Unit. Each unit consists of one common share and one whole warrant. Each whole warrant entitles the holder to acquire one additional common share of the Company at a price of $0.35 per share for a period of two years following closing and includes an acceleration clause that is triggered by a 20 day volume weighted average price greater than $0.95 per share. The Units are subject to resale restrictions until November 8, 2017 under applicable securities legislation.
Proceeds from this financing will be used for the production of inventory, sales and marketing, equipment purchases, patenting costs and general working capital, including further development of the Company’s technologies.
The Company paid finders’ fees with respect to certain subscribers in the aggregate amount of $13,600.00 and issued 54,400 non-transferrable finder’s warrants. The finder’s warrants are exercisable into common shares at $0.35 on the substantially the same terms as the warrants issued to the placees.
About Solarvest:
Solarvest BioEnergy Inc. is an algae technology company whose algal-based production platform provides it with an extremely flexible system capable of being adapted to produce clean energy in the form of hydrogen and health products such as omega oils in an economic and environmentally sensitive manner.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company’s expectations and projections.
