(TheNewswire)
Vancouver, B C - TheNewswire - December 20, 2022 - Solarvest BioEnergyInc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”) is very pleased toannounce that, further to its news releases of October 20 and December8, 2022, it has closed a first tranche (the “First Tranche”) of anon-brokered private placement (the “Offering”) through theissuance of 4,609,000 units (a “Unit”) for gross proceeds of$460,900.
Each Unit consists of one common share (a “CommonShare”) and one whole share purchase warrant (a “Warrant”). Each Warrant entitles the holder to acquire one additional CommonShare of the Company at a price of $0.20 per Common Share for a periodof two (2) years following closing provided that if the closing priceof the Common Shares (or the closing bid, if no sales were reported ona trading day) is greater than $0.40 for 20 consecutive trading days,the Company may accelerate the expiry of the Warrants after June 16,2023.
In connection with closing of the First Tranche, theCompany has paid aggregate cash finder’s fees of $20,244 and issuedan aggregate of 187,440 non-transferable finders’ options. Eachfinder’s option is exercisable on identical terms as the Warrantsand is also subject to accelerated expiry.
All securities issued pursuant to this Offering will besubject to resale restrictions for a period of four months and one dayfrom closing under applicable securities legislation.
An insider of the Company, who is not acontrol person, participated in the First Tranche and acquired 400,000Units. The issuance of Units to such insider pursuant to the Offering(“Insider Participation”) is considered to be a related partytransaction within the meaning of TSX Venture Exchange Policy 5.9 andMultilateral Instrument 61-101 (“MI 61-101”). The Companyintends to rely on exemptions from the formal valuation and minorityshareholder approval requirements provided under sections 5.5(a) and5.7(a) of Multilateral Instrument 61-101 on the basis that the InsiderParticipation does not exceed 25% of the fair market value of theCompany's market capitalization.
Solarvest’s CEO, Claes Ellegaard, said, “We arevery pleased with the results of the first closing and are veryoptimistic that a closing of a second and final tranche in early 2023will be equally successful.”
AboutSolarvest
Solarvest BioEnergy Inc. is an algae biologics companywhose production platform provides it with an extremely flexiblesystem capable of producing numerous products from Omega 3 fatty acidsto human therapeutic proteins. The company has successfullydemonstrated the expression of BMP, a high value therapeutic protein,viral antigens (immune stimulating proteins), and Cecropins(antimicrobial peptide/protein). The company has initiated a programfor the expression of CBD and THC to be produced in GMP fermentationfacilities.
For further information contact:
Claes Ellegaard
Phone: 1.514.898.3488
Email: invest@solarvest.ca
Forward-LookingInformation
This press release contains “forward-lookinginformation” within the meaning of applicable Canadian securitieslegislation. Forward-looking information includes, but is not limitedto, statements with respect to the terms of the Offering, thecompletion of the Offering and the expected use of the net proceedsreceived by the Company. Generally, forward-looking information can beidentified by the use of forward-looking terminology such as“plans”, “expects” or “does not expect”, “isexpected”, “budget”, “scheduled”, “estimates”,“forecasts”, “intends”, “anticipates” or “does notanticipate”, or “believes”, or variations of such words andphrases or state that certain actions, events or results “may”,“could”, “would”, “might” or “will be taken”,“occur” or “be achieved”. Forward-looking information issubject to known and unknown risks, uncertainties and other factorsthat may cause the actual results, level of activity, performance orachievements of the Company to be materially different from thoseexpressed or implied by such forward-looking information, includingbut not limited to: general business, economic, competitive,geopolitical and social uncertainties; and regulatory risks. Althoughthe Company has attempted to identify important factors that couldcause actual results to differ materially from those contained inforward-looking information, there may be other factors that causeresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate, asactual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking information. The forward-lookinginformation contained in this news release is expressly qualified inits entirety by this cautionary statement. The Company does notundertake to update any forward-looking information, except asrequired by applicable securities laws.
Neither the TSXVenture Exchange nor its regulation services provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this pressrelease.
None of thesecurities of Solarvest have been registered under the U.S. SecuritiesAct of 1933, as amended (the “U.S. Securities Act”), or any statesecurities law, and may not be offered or sold in the United States orto, or for the account or benefit of, persons in the United States or“U.S. persons” (as such term is defined in Regulation S under theU.S. Securities Act) absent registration or an exemption from suchregistration requirements. This press release shall not constitute anoffer to sell or the solicitation of an offer to buy in the UnitedStates nor shall there be any sale of the securities in any State inwhich such offer, solicitation or sale would be unlawful.
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