Solarvest BioEnergy Inc.

Vancouver, BC - TheNewswire - December 20, 2022 - Solarvest BioEnergy Inc. (“Solarvest”, or the “Company”) (TSXV:SVS), (“Solarvest” or the “Company”) is very pleased to announce that, further to its news releases of October 20 and December 8, 2022, it has closed a first tranche (the “First Tranche”) of a non-brokered private placement (the “Offering”) through the issuance of 4,609,000 units (a “Unit”) for gross proceeds of $460,900.


Each Unit consists of one common share (a “Common Share”) and one whole share purchase warrant (a “Warrant”).  Each Warrant entitles the holder to acquire one additional Common Share of the Company at a price of $0.20 per Common Share for a period of two (2) years following closing provided that if the closing price of the Common Shares (or the closing bid, if no sales were reported on a 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, the Company has paid aggregate cash finder’s fees of $20,244 and issued an aggregate of 187,440 non-transferable finders’ options.  Each finder’s option is exercisable on identical terms as the Warrants and is also subject to accelerated expiry.


All securities issued pursuant to this Offering will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation.

An insider of the Company, who is not a control person, participated in the First Tranche and acquired 400,000 Units. The issuance of Units to such insider pursuant to the Offering (“Insider Participation”) is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”).  The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that the Insider Participation does not exceed 25% of the fair market value of the Company's market capitalization.

Solarvest’s CEO, Claes Ellegaard, said, “We are very pleased with the results of the first closing and are very optimistic that a closing of a second and final tranche in early 2023 will be equally successful.”

About Solarvest


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 demonstrated the expression of BMP, a high value therapeutic protein, viral antigens (immune stimulating proteins), and Cecropins (antimicrobial peptide/protein). The company has initiated a program for the expression of CBD and THC to be produced in GMP fermentation facilities.

For further information contact:

Claes Ellegaard

Phone: 1.514.898.3488

Email: invest@solarvest.ca

Forward-Looking Information


This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the terms of the Offering, the completion of the Offering and the expected use of the net proceeds received by the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; and regulatory risks. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.


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.


None of the securities of Solarvest have been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law, and may not be offered or sold in the United States or to, 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 the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.


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