VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 08/04/11 — SOLARVEST BIOENERGY INC. (TSX VENTURE: SVS) (“Solarvest” or the “Company”), wishes to announce it has arranged a non-brokered private placement, pursuant to which the investor will purchase from the Company up to 400,000 common shares priced at $0.25 per share for gross proceeds of $100,000. Proceeds from this private placement will be used as general working capital.
This placement will be entirely subscribed by a director and officer who is also a Control Person of the Company and the placement is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
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.
About Solarvest: Solarvest is committed to the development of sustainable and renewable energy sources to meet growing energy demands and environmental challenges. Solarvest–s intellectual property is a biologically-based hydrogen producing technology, which provides a method for controlling key genes in algae resulting in the continuous production of hydrogen gas. Solarvest–s bio-energy production system utilizes light and carbon dioxide to produce hydrogen leaving a clean positive environmental footprint.
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.
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.
Contacts:
Solarvest Bioenergy Inc.
Gerri Greenham
Chief Executive Officer
416 420 0947