Solarvest BioEnergy Inc. Closes $2.29 Million Private Placement

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(TheNewswire)



Vancouver, B.C. - TheNewswire - April 20th, 2021 – Solarvest BioEnergy Inc. (“Solarvest”, or the “Company”) (TSXV:SVS), is very pleased to announce that, further to its news release of March 26th, 2021, it has closed a private placement through the issuance of 9,189,147 units (a “Unit”) for gross proceeds of $2,297,286. The placement closed in two tranches: 3,465,448 Units were issued on March 26th and 5,723,699 Units were issued on April 16th, 2021. Each Unit consists of one common share (a “Common Share”) and one whole share purchase warrant (a “Warrant”).  Each Warrant entitles the holder to acquire one additional Common Share of the Company at a price of $0.35 per Common Share for a period of one (1) year following closing provided that if the closing price of the Common Shares (or the closing bid, if no sales were reported on a trading day) is greater than $0.70 for 20 consecutive trading days, the Company may accelerate the expiry of the Warrants. The acceleration provision may not be initiated by the Company until four months and one day after issuance of the Units.

 

Proceeds from this financing will be used for sales and marketing and the supporting production of the Company’s patented and organic certified Omega-3 products.  In addition the financing will also support equipment purchases, patenting costs and general working capital, including further development of the Company’s technologies.  

 

The Company has paid aggregate cash finder’s fees of $49,200 and issued an aggregate of 196,800 non-transferable finders’ options in connection with this placement.   Each finder’s option is exercisable on identical terms as the Warrants and is also subject to accelerated expiry.

       

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.

About Solarvest

Solarvest BioEnergy Inc. is an algae biologics company whose production platform provides it with an extremely flexible system capable of producing numerous products from Omega 3 fatty acids to human therapeutic proteins. The company has successfully demonstrated the expression of high value therapeutic protein, viral antigens (immune stimulating proteins), and Cecropins (antimicrobial peptide/protein). The company has initiated a program for the expression of CBD and THC to be produced in GMP fermentation facilities.  

For further information contact:         

Email: [email protected]

Neither the 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.

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.

Copyright (c) 2021 TheNewswire - All rights reserved.