Vancouver, British Columbia--(Newsfile Corp. - September 22, 2022) - Solarvest BioEnergy Inc. (TSXV: SVS) ("Solarvest" or the "Company") announces that pursuant to the Company's existing Stock Option Plan, a total of 1,000,000 incentive stock options have been granted to a consultant of the Company. These stock options are exercisable at a price of $0.12 per share for a period of 2 years expiring August 1, 2024.
The Company also wishes to announce that it intends to re-price an aggregate of 3,360,000 outstanding incentive stock options originally granted on February 19, 2021. These stock options are held by directors, officers, employees and consultants of the Company, having an exercise price of $0.40 per share and expiring February 19, 2024. These options will be re-priced to have an exercise price of $0.20 per share in order to more accurately reflect the current market price of the Company's shares and to provide an incentive to the Board and the Company's employees to further the Company's corporate objectives. Re-pricing of the options is subject to acceptance by the TSX Venture Exchange (the "TSXV"). In addition, 1,400,000 re-priced options held by insiders are also subject to disinterested shareholder approval which is being sought at the annual and special meeting of the shareholders of the Company scheduled for October 25, 2022 (the "ASM"). The re-priced options granted to insiders will be subject to a four month hold from the date of re-pricing.
Finally, the Company will be replacing its existing 10% rolling stock option plan with a fixed number stock option plan (the "New Plan"). Under the New Plan, a fixed number of shares will be reserved for issuance, being 11,067,000 common shares or approximately 19.99% of the currently issued and outstanding shares of the Company. All outstanding stock options (including those to be re-priced) will be subject to the terms of the New Plan. The New Plan requires disinterested shareholder approval at the ASM and acceptance by the TSXV.
Solarvest BioEnergy Inc. is an algae biologics company whose production platform provides it with an extremely flexible system capable of producing numerous products from Omega 3 fatty acids to human therapeutic proteins. The Company has successfully developed, and produced the world's only patented plant-based organic certified Omega-3 to satisfy the substantial demand for this essential nutrient fermentation facilities.
For further information contact:
Gerri Greenham, CEO
Tel: (647) 204-4095
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
Neither the 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 press release.
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