Vancouver, BC / TheNewswire / November 1, 2018 – SOLARVEST BIOENERGY INC. (TSX-V:SVS) (“Solarvest” or the “Company”), is pleased to announce a private placement, pursuant to which the Company intends to raise gross proceeds of up to $2,000,000 through the issuance of  up to 10,000,000 Units at a price of $0.20 per Unit.  Each Unit consists of one common share and one whole share purchase warrant.  Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 per share for a period of three (3) years following closing (the “Private Placement”).  The Company will pay finder’s fees in the amount of 8% cash and 8% warrants at the same term of the Private Placement.  Closing may take place in two or more tranches.  

 

The Company has applied to the TSX Venture Exchange for immediate approval to close a first tranche of 2,200,000 units for proceeds of $440,000.  

 

Proceeds from the Private Placement will be used for the production of inventory, sales and marketing, equipment purchases, patenting costs and general working capital.  All securities issued pursuant to the Private Placement are subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation.  

  

About Solarvest:

Solarvest BioEnergy Inc. is an algae technology company whose algal-based production platform provides it with an extremely flexible system capable of being adapted to produce numerous products - from Omega 3 fatty acids to human therapeutic proteins.  The company has successfully demonstrated (news release dated March 16th. 2015) the expression of BMP, a high value therapeutic protein. In addition, the company’s platform has successfully produced recombinant viral antigens (immune stimulating proteins,) Cecropins (antimicrobial pepetide/protein). The company has completed a feasibility study for the expression of CBD and THC.as a way to produce CBD and THC in sterile bioreactors.  

 

For further information contact:         

Gerri Greenham, Chief Executive Officer

Tel: 416 420 0947 Email: ggreenham@solarvest.ca

   

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 the Company’s expectations and projections.