Tickers: XTSX:SVS
Tags: Alternative Energy
Vancouver, BC / TheNewswire / November 13, 2018 - SOLARVEST BIOENERGY INC. (TSX-V: SVS) ("Solarvest" or the "Company"), is pleased to announce that it has closed its initial tranche of its previously announced financing.
Gross proceeds of $440,000 were raised through the issuance of 2,200,000 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 Company has paid a cash commission of $35,200 and 176,000 whole share purchase warrants at the same term of the financing. The balance of the financing, up to an additional $1,560,000, may close in two or more future tranches.
The proceeds 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 financing 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.
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