SOLARVEST BIOENERGY INC. CLOSES $1,000,000 OF PRIVATE PLACEMENT
Vancouver, BC, March 26, 2018 – SOLARVEST BIOENERGY INC. (TSX-V:SVS) (“Solarvest” or the “Company”), is pleased to announce that it has closed on its previously announced financing (see the Company’s news release of January 11, 2018). The Company has issued convertible debentures units (“Unit(s)”) for the aggregate gross proceeds of $1,000,000.
Each Unit shall consist of one (1) convertible debenture (the “Convertible Debenture(s)”) and that number of detachable Warrants that is equal to the principal amount of the debenture divided by $0.20 (the “Warrant(s)”). Each Convertible Debenture may be converted into common shares (“Shares”) at the price of $0.20 per Share for 36 months from the closing date, and does not bear interest. Each Warrant entitles the Purchaser to purchase one Share at the price of $0.25 per Share for 36 months from the closing date.
Proceeds from this financing will be used to ramp up the production of the Company’s natural omega products, sales and marketing, equipment purchases and general working capital, including further development of the Company’s technologies.
The Company has paid cash finder’s fees of $80,000 and issued 400,000 finders’ warrants in connection with this financing in accordance with TSX Venture Exchange regulations. Each non-transferable finder’s warrant entitles the finder to acquire one Share at $0.25 per Share for 36 months from the closing of the private placement.
All securities issued pursuant to this financing will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation. Final closing of the financing is subject to TSX Venture Exchange approval.
Solarvest BioEnergy Inc. is a biotechnology company whose algal-based production platform provides it with a flexible system capable of being adapted to produce health products, such as omega oils, or clean energy in the form of hydrogen, in an economic and environmentally sustainable manner.
For further information contact:
Gerri Greenham, Chief Executive Officer
Tel: 416 420 0947 Email: firstname.lastname@example.org