(TheNewswire)
Vancouver, B.C. - TheNewswire - February 9, 2023 – Solarvest BioEnergyInc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”) announces that,further to its news release of January 23, 2023, the Company hasclosed a further tranche of its previously announced non-brokeredprivate placement for gross proceeds of $81,000 from the sale of810,000 units (the “Units”). Together withthe previously closed tranche announced on December 20, 2022, theCompany has raised gross proceeds of $541,900through the issuance of 5,419,000 Units at a price of CDN$0.10 per Unit (the “Offering”) . Each Unitconsists of one common share (a “ Common Share ” )and one whole share purchase warrant (a “ Warrant ” ) .
Each Warrant entitles the holder to acquire oneadditional Common Share of the Company at a price of $0.20 per CommonShare for a period of two (2) years following closing provided that ifthe closing price of the Common Shares (or the closing bid, if nosales were reported on a trading day) is greater than $0.40 for 20consecutive trading days, the Company may accelerate the expiry of theWarrants only after 6 months from the date of issuance by providingwritten notice to the Warrant-holders (the “Acceleration Notice”).The Warrants will, unless exercised, expire on the 21st day after theCompany provides the Acceleration Notice.
The Offering was made by way of non-brokered privateplacement in Canada pursuant to applicable exemptions from theprospectus requirements under applicable Canadian securities laws. Thesecurities issued through this Offering are subject to a statutoryfour months and a day hold period expiring on April 17, 2023 and June8, 2023 respectively.
In connection with this tranche, the Company has paidcash finder’s fees of $1,500 and issued 12,000 Finder’s Options.The Finder’s Options carry the same terms as the Warrants.
The Offering is subject to final acceptance of the TSXVenture Exchange. Solarvest now has 60,755,372Common Shares issued and outstanding.
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.
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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