VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 3, 2013) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company") wishes to announce it has closed a non-brokered private placement of 1,700,000 Units priced at $0.25 for total gross proceeds of $425,000. Each Unit consists of one common share and one half warrant. Each whole warrant is exercisable for one common share at $0.35 for a period of eighteen months following the closing and include an acceleration clause that is triggered by a share price of $0.60 per share.
Proceeds from this private placement will be used for the purchase of production equipment and as general working capital. The units are be subject to resale restrictions until February 4, 2013 under applicable securities legislation.
The Company paid finders' fees with respect to certain subscribers in the aggregate amount of $25,000 and issued 50,000 non-transferrable finder's warrants. Finder's warrants are exercisable into common shares at $0.35 on the same terms as the warrants issued to the placees.
A director and officer who is also a Control Person of the Company participated in this private placement on the same terms and conditions as the other placees for a total of 200,000 Units. The placement is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
About Solarvest BioEnergy:
Solarvest BioEnergy Inc. is an algae technology company. Our algal-based production system is extremely flexible and capable of being adapted to produce clean energy in the form of hydrogen and health products such as omega oils in an economic and environmentally sensitive manner.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither 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 release.
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.