VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 10/06/14 — SOLARVEST BIOENERGY INC. (TSX VENTURE: SVS) (“Solarvest”), wishes to announce it has initiated a non-brokered private placement of up to 2,800,000 Units priced at $0.25 for total gross proceeds of up to $700,000. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable for one common share at $0.35 for a period of 18 months following closing and include an acceleration clause that is triggered by a share price of $0.55 per share. Proceeds from this private placement will be used for general working capital, including but not limited to the purchase and installation of production equipment and supporting systems, contract manufacturing, research and development of Solarvest–s algae and other technologies, and patenting costs.
The shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation. Completion of the private placement will be subject to a number of conditions including the approval of the TSX Venture Exchange. A finders– fees may be paid with respect to certain subscribers.
A portion of this placement may be subscribed by a director and officer who is also a Control Person of Solarvest. The placement is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
About Solarvest BioEnergy Inc.
Solarvest 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 Organic 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 Solarvest–s expectations and projections.
Contacts:
Solarvest BioEnergy Inc.
Gerri Greenham
Chief Executive Officer
416-420-0947