Vancouver, BC - TheNewswire - August 27, 2020 - SOLARVEST BIOENERGY INC. (TSXV:SVS) (the "Company" or "Solarvest") announces that it has arranged the settlement of up to (i) $100,760 of debt through the issuance of common shares of the Company and (ii) $20,020 of debt through cash payment (the "Debt Settlement"). The sum of $120,780 is recorded in the Company's financial statements, which is due to consulting and advisory service providers (the "Creditors"). Pursuant to the Debt Settlement, the Company would issue up to 1,007,600 common shares of the Company (the Shares") at a deemed price of $0.10 per Share to Creditors of the Company.
Completion of the settlement will be subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the settlement are subject to resale restrictions for a period of four months and one day under applicable securities legislation.
Solarvest is an algae technology company that owns numerous key patents. Our organic Omega-3 patent application has been filed and is pending in Europe, UK, USA, Canada, Japan, India, China, S. Korea, Hong Kong and Australia. Its patent pending process produces the world's first organic DHA & Omega-3. The company has been working with a contract manufacturer has achieved commercial yields and is poised to supply the *$25 billion dollar global Omega-3 market. The Solarvest system grows the algae under closely controlled conditions ensuring that the health products are produced without the environmental contaminants found in our oceans. In addition, organic certification provides our customers the assurance that the products are GMO free, sustainable and produced without chemicals. Since they are algae based the products are suitable for vegetarian and vegan diets. Solarvest's FDA licensed organic Omega-3 products offer the consumer a healthy and sustainable product choice.
For further information contact:
Gerri Greenham, Chief Executive Officer
Tel: 416 420 0947
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.
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