Solarvest BioEnergy Inc. Closes Additional Tranche of Non-Brokered Private Placement
Vancouver, B.C. - TheNewswire - February 9, 2023 – Solarvest BioEnergy Inc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”) announces that, further to its news release of January 23, 2023, the Company has closed a further tranche of its previously announced non-brokered private placement for gross proceeds of $81,000 from the sale of 810,000 units (the “Units”). Together with the previously closed tranche announced on December 20, 2022, the Company has raised gross proceeds of $541,900 through the issuance of 5,419,000 Units at a price of CDN$0.10 per Unit (the “Offering”). 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.
The Offering was made by way of non-brokered private placement in Canada pursuant to applicable exemptions from the prospectus requirements under applicable Canadian securities laws. The securities issued through this Offering are subject to a statutory four months and a day hold period expiring on April 17, 2023 and June 8, 2023 respectively.
In connection with this tranche, the Company has paid cash finder’s fees of $1,500 and issued 12,000 Finder’s Options. The Finder’s Options carry the same terms as the Warrants.
The Offering is subject to final acceptance of the TSX Venture Exchange. Solarvest now has 60,755,372 Common Shares issued and outstanding.
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:
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.