Tickers: XTSX:SVS
Tags: Alternative Energy
Vancouver, BC / TheNewswire / January 24, 2019 - SOLARVEST BIOENERGY INC. (TSX-V: SVS) ("Solarvest" or the "Company"), announced the closing of the second tranche of its previously announced financing by way of news release dated January 22 2019. The calculation of the commission payable to the brokers contained a calculation error. The Company has paid a cash commission of $48,640 (previously disclosed $32,640) and 243,200 whole share purchase warrants (previously disclosed 163,200). All other aspects of the financing remain as disclosed in the January 22 news release. The Company has now closed the financing having raised gross proceeds from both tranches totaling $1,095,500 by way of the issuance of 5,477,500 units.
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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