Solarvest Closes Non-Brokered Private Placement

SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company") wishes
to announce it has closed a non-brokered private placement of 1,700,000 Units
priced at $0.25 for total gross proceeds of $425,000. Each Unit consists of one
common share and one half warrant. Each whole 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 $0.60 per
share.


Proceeds from this private placement will be used for the purchase of production
equipment and as general working capital. The units are be subject to resale
restrictions until February 4, 2013 under applicable securities legislation. 


The Company paid finders' fees with respect to certain subscribers in the
aggregate amount of $25,000 and issued 50,000 non-transferrable finder's
warrants. Finder's warrants are exercisable into common shares at $0.35 on 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 200,000 Units. The placement is exempt from shareholder approval
accordance with MI 61-101 (Protection of Minority Security Holders in Special
Transactions).


About Solarvest BioEnergy:

Solarvest BioEnergy Inc. is an algae technology company. Our algal-based
production system is extremely flexible and capable of being adapted to produce
clean energy in the form of hydrogen and health products such as omega oils in
an economic and environmentally sensitive manner. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Solarvest BioEnergy Inc.
Gerri Greenham
Chief Executive Officer
416 420 0947
ggreenham@solarvest.ca
www.solarvest.ca

Solarvest BioEnergy (TSXV:SVS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024