pcNewsWire – Solarvest BioEnergy Inc. (TSX-V: SVS) intends to raise gross proceeds of up to $170,000 through the issuance of up to 680,000 units at a price of $0.25 per unit.
Subject to certain limitations, the private placement is open to all existing shareholders of the company.
Proceeds 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
SOLARVEST BIOENERGY INC. ANNOUNCES PRIVATE PLACEMENT TO EXISTING SHAREHOLDERS AND OTHER INVESTORS
Vancouver, BC, June 9, 2017 – SOLARVEST BIOENERGY INC. (TSX-V:SVS) (“Solarvest” or the “Company”), announces a non-brokered private placement, pursuant to which the Company intends to raise 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. Closing may take place in two or more tranches. Subject to certain limitations discussed below, the Private Placement is open to all existing shareholders of the Company.
Subject to regulatory requirements, a portion of the Private Placement may be made in accordance with the provisions of the existing shareholder exemption (the “Existing Shareholder Exemption”) contained in Multilateral CSA Notice 45-313 and the various corresponding blanket orders and rules of participating jurisdictions.
The Company has set June 8, 2017 as the record date for the purpose of determining existing shareholders eligibility to purchase Units pursuant to the Existing Shareholder Exemption. Subscribers purchasing Units under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, on or before the record date, a shareholder of the Company (and still are a shareholder). The aggregate subscription amount to any one subscriber under the Existing Shareholder Exemption cannot exceed $15,000.
Should the aggregate subscriptions received exceed the maximum 680,000 Units for the Private Placement, Units shall be allocated to the qualifying subscribers pro rata based on their offered subscription amounts.
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 may pay finder’s fees with respect to certain subscribers in this 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. Closing of the financing is subject to TSX Venture Exchange acceptance.
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.
For further information contact:
Gerri Greenham, Chief Executive Officer
Tel: 416 420 0947 Email: email@example.com
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.