(TheNewswire)
Vancouver, BC / TheNewswire / March 26,
2018 – SOLARVEST BIOENERGY INC. (TSX-V:SVS) (“ Solarvest ” or the “ Company ”), is pleased to announce that it has closed
on its previously announced financing (see the Company’s news release of January 11, 2018). The Company has issued
convertible debentures units (“ Unit(s) ”) for the aggregate gross proceeds of $1,000,000.
Each Unit shall consist of one (1) convertible debenture (the “ Convertible Debenture(s) ”) and that number of detachable Warrants that is equal to the principal amount of the
debenture divided by $0.20 (the “ Warrant(s) ”). Each Convertible Debenture may be converted
into common shares (“ Shares ”) at the price of $0.20 per Share for 36 months from the closing
date, and does not bear interest. Each Warrant entitles the Purchaser to purchase one Share at the price of $0.25 per Share
for 36 months from the closing date.
Proceeds from this financing will be used to ramp up the production of the Company’s natural omega products,
sales and marketing, equipment purchases and general working capital, including further development of the Company’s technologies.
The Company has paid cash finder’s fees of $80,000 and issued 400,000 finders’ warrants in connection with this
financing in accordance with TSX Venture Exchange regulations. Each non-transferable finder’s warrant entitles the finder to
acquire one Share at $0.25 per Share for 36 months from the closing of the private placement.
All securities issued pursuant to this financing will be subject to resale restrictions for a period of four
months and one day from closing under applicable securities legislation. Final closing of the financing is subject to TSX
Venture Exchange approval.
About Solarvest:
Solarvest BioEnergy Inc. is a biotechnology company whose algal-based production platform provides
it with a flexible system capable of being adapted to produce health products, such as omega oils, or clean energy in the form of
hydrogen, in an economic and environmentally sustainable manner.
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.
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