(TheNewswire)
Vancouver, BC - TheNewswire - December 8, 2022 - Solarvest BioEnergyInc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”), wishes to provide anupdate to its news release of October 20, 2022 regarding anon-brokered private placement, pursuant to which the Company intendsto raise gross proceeds of up to $650,000 through the issuance of upto 6,500,000 Units at a price of $0.10 per Unit (the “Offering”).The Company is currently settling a final subscriber list and willshortly be seeking conditional approval from the TSX Venture Exchangeto close the Offering.
Under the Offering, each Unit will consist of onecommon share and one whole share purchase warrant. Each wholewarrant entitles the holder to acquire one additional common share ofthe Company at a price of $0.20 per share for a period of two (2)years following closing provided that if the closing price of thecommon shares (or the closing bid, if no sales were reported on atrading day) is greater than $0.40 for 20 consecutive trading days,the Company may accelerate the expiry of the warrants. In addition toaccredited investors, the Private Placement is open to all existingshareholders of the Company subject to certain limitations asdisclosed in its October 20, 2022 news release.
Proceeds from this financing will be used primarily forthe production of inventory, sales and marketing, equipment purchases,patenting costs and general working capital, including furtherdevelopment of the Company ’s technologies. Aportion of the proceeds will also be used towards a prospectiverestructuring of certain long term indebtedness of the Company.
All securities issued pursuant to thisfinancing are subject to a four-month-and-one-day hold period underapplicable Canadian securities legislation. The Company may payfinders' fees to qualified finders in connection with this financing.Closing is subject to TSX Venture Exchange acceptance.
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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