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Enter Symbol
or Name
USA
CA



Solarvest Bioenergy Inc
Symbol SVS
Shares Issued 23,460,216
Close 2018-01-10 C$ 0.22
Market Cap C$ 5,161,248
Recent Sedar Documents

Solarvest arranges $5M placement, issued trademark

2018-01-11 18:48 ET - News Release

Mr. Gerri Greenham reports

SOLARVEST BIOENERGY INC. PROVIDES A BUSINESS UPDATE AND ANNOUNCES PRIVATE PLACEMENT

Solarvest Bioenergy Inc. has provided an update on business operations and has released details of its current private placement.

Intellectual property: The company's IP (intellectual property) portfolio has continued to expand. Patents were recently issued (claims accepted) for Solarvest's protein expression (or repression) system in Canada and Brazil. Additionally, the organic biomass patent is published and applied for in the major international omega-3 markets, including Europe, United States, Canada, Japan, China, South Korea and Australia.

The company has also been issued a commercial trademark in Canada. This will be used for the impending launch of the company's patented omega-3 products and customer products containing Solarvest's omega-3 ingredients. The trademark coverage includes many foods, nutraceutical, dietary supplements, namely omega-3 fatty acids, omega-3 fatty acid oil, polyunsaturated fatty acids, carotenoids, antioxidants, protein, vitamins and functional food.

Corporate: The board of directors wishes to thank Mark Ledwell for his support over the years spent as a director of the company. Mr. Ledwell did not run for re-election to the board this year due to his business demands as a managing partner for a leading law firm. He will continue to support and advise the company.

Private placement: The company announces a non-brokered private placement pursuant to which the company intends to raise gross proceeds of up to $5-million through the issuance of convertible debenture units. Each unit shall consist of one convertible debenture and that number of detachable warrants that is equal to the principal amount of the debenture divided by 20 cents. Each convertible debenture may be converted into common shares at a price of 20 cents per share for 36 months from the closing date and does not bear interest. Each warrant entitles the purchaser to purchase one share at the price of 25 cents per share for 36 months from the closing date.

At such time as the aggregate gross proceeds of the offering equals or exceeds $2-million, Solarvest shall execute a general security agreement to secure the aggregate principal amount of the convertible debentures.

Proceeds from this financing will be used for the production of inventory, sales and marketing, equipment purchases, and general working capital, including further development of the company's technologies.

The company may pay finders' fees with respect to certain subscribers in this placement, which shall not exceed a cash payment of up to 8 per cent of the gross proceeds of the offering and additionally the issuance of common share purchase warrants in an amount not to exceed 8 per cent of the warrants actually sold. Each such finder warrant will be non-transferable and shall entitle the holder to purchase one share at a price of 25 cents per share for 36 months from the closing date.

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. Closing of the offering is subject to TSX Venture Exchange acceptance.

About Solarvest Bioenergy Inc.

Solarvest Bioenergy is an alga technology company whose algal-based production platform provides it with an extremely flexible system 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.

We seek Safe Harbor.

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