Vancouver, B.C., January 22, 2023  – TheNewswire - Solarvest BioEnergy Inc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”) announces that the Company has been granted an extension by the TSX Venture Exchange (the “TSXV”) to February 8, 2023 to complete a previously announced non-brokered private placement (the “Offering”) (see the Company’s news release of December 8, 2022). In addition, the TSXV has approved an increase in the total size of the Offering to CDN$1 million. A first tranche of the Offering raising over $460,000 has already closed (see the Company’s news release of December 20, 2022) with a second tranche closing targeted for early February.

The Offering will now consist of up to 10,000,000 units (the “Units”) at a price of CDN$0.10 per Unit for gross proceeds of up to CDN$1,000,000. 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 $0.20 per Common Share for a period of two (2) years 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 $0.40 for 20 consecutive trading days, the Company may accelerate the expiry of the Warrants only after 6 months from the date of issuance by providing written notice to the Warrant-holders (the “Acceleration Notice”). The Warrants will, unless exercised, expire on the 21st day after the Company provides the Acceleration Notice. In addition to accredited investors, the Offering is open to all existing shareholders of the Company subject to certain limitations. Finder’s fees consisting of cash and/or finder’s options may be payable in connection with the Offering.

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.

For further information contact:

Claes Ellegaard

Phone: 1.514.898.3488

Email: invest@solarvest.ca

Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

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 press release.

None of the securities of Solarvest have been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.