Solarvest Bioenergy Inc Announces Non-Brokered Private Placement
SOLARVEST BIOENERGY INC (TSX-V:SVS) (“Solarvest” or the “Company”), wishes to announce it has arranged a non-brokered private placement, pursuant to which the investors will purchase from the Company up to 300,000 common shares priced at $0.25 per share for gross proceeds of $75,000. Proceeds from this private placement will be used as general working capital.
One of the intended subscribers to this placement is 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.
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.
For further information contact:
Chief Executive Officer
Tel: 416 420 0947