VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 16, 2014) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), wishes to announce it has closed the first tranche of its previously announced non-brokered private placement of 2,000,000 Units priced at $0.25 for total gross proceeds of $500,000. Each Unit consists of one common share and one warrant. Each warrant is exercisable for one common share at $0.35 for a period of eighteen months following the closing and include an acceleration clause that is triggered by a share price of $0.55 per share.
Proceeds from this private placement will be used as general working capital. The units are subject to resale restrictions until February 16, 2015 under applicable securities legislation.
The Company paid finders' fees with respect to certain subscribers in the aggregate amount of $15,750.00 and issued 63,000 non-transferrable finder's warrants. The finder's warrants are exercisable into common shares at $0.35 on the substantially the same terms as the warrants issued to the placees.
A director and officer who is also a Control Person of the Company participated in this private placement on the same terms and conditions as the other placees for a total of 500,000 Units. The placement is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
About Solarvest BioEnergy Inc.:
Solarvest is an algae technology company that owns numerous key patents and whose algal-based production platform provides it with an extremely flexible production system. The Company's wholly owned subsidiary, Solarvest PEI, has developed a patented (pending) process to produce the world's first organic Omega-3 using algae, to help meet the 13 billion dollar global Omega-3 market. The Solarvest system utilizes a natural process growing the algae under closely controlled conditions ensuring that the health product(s) produced have none of the environmental contaminants found in our oceans. Organic certification provides assurance that the product(s) is GMO free, sustainable, produced without chemicals and, being algae, supports vegetarian and vegan diets. Solarvest's licensed Organic Omega-3 products will offer the consumer a healthy and sustainable product choice.
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 Solarvest's expectations and projections.