VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 3, 2013) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), wishes to announce it has arranged a non-brokered private placement, pursuant to which the investors will purchase from Solarvest up to 1,000,000 common shares priced at $0.24 per share for gross proceeds of $240,000. Proceeds from this private placement will be used as general working capital.
A director and officer who is also a Control Person of the Company will participate in this private placement, which is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
The shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation. Completion of the private placement will be subject to a number of conditions including the approval of the TSX Venture Exchange.
About Solarvest BioEnergy:
Solarvest BioEnergy Inc. is a world leading algae technology company that commercializes proprietary and advanced products for substantial markets. The Company's algal based production platform provided it with an extremely flexible system capable of being adapted to produce both human and animal health products in an economic and environmentally sensitive manner.
The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.