11:24:38 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Solarvest Bioenergy Inc
Symbol SVS
Shares Issued 23,460,216
Close 2018-04-13 C$ 0.25
Market Cap C$ 5,865,054
Recent Sedar Documents

Solarvest arranges $100,000 private placement

2018-05-18 15:16 ET - News Release

Mr. Gerri Greenham reports

SOLARVEST BIOENERGY ANNOUNCES PRIVATE PLACEMENT AND WARRANT EXTENSION

Solarvest Bioenergy Inc. has arranged a non-brokered private placement, pursuant to which the company intends to raise up to $100,000 through the issuance of up to 400,000 units at a price of 25 cents per unit. Each unit consists of one common share and one whole warrant. Each whole warrant entitles the holder to acquire one additional common share of the company at a price of 35 cents per share for a period of two years following closing and includes an acceleration clause that is triggered by a 20-day volume weighted average price greater than 95 cents per share.

Proceeds from this private placement will be used for general working capital.

All securities issued pursuant to this tranche are subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation. Final closing of the private placement is subject to TSX Venture Exchange acceptance.

Solarvest also intends to amend certain common share purchase warrants in the capital of the company, which were issued pursuant to a private placement which closed in three tranches in December, 2015, February, 2016, and April, 2016, and were previously extended by 12 months.

Each warrant shall remain exercisable at 35 cents per share and the term shall be extended for an additional 24 months, such that 300,000 warrants shall be amended to expire June 4, 2020, 100,000 warrants shall be amended to expire Aug. 4, 2020, and 200,000 warrants shall be amended to expire Oct. 5, 2020.

The application to amend the warrants is subject to its acceptance by the TSX Venture Exchange and the company makes no assurances that the required acceptance for the extension of the term of the warrants will be accepted.

About Solarvest Bioenergy Inc.

Solarvest is a biotechnology company with an algal-based production platform that provides it with a flexible system capable of being adapted to produce health products, such as omega oils or clean energy in the form of hydrogen, in an economic and environmentally sustainable manner.

We seek Safe Harbor.

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