19:15:28 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Solarvest Bioenergy Inc
Symbol SVS
Shares Issued 23,460,216
Close 2018-03-23 C$ 0.215
Market Cap C$ 5,043,946
Recent Sedar Documents

Solarvest Bioenergy closes $1M debenture financing

2018-03-26 18:43 ET - News Release

Mr. Gerri Greenham reports

SOLARVEST BIOENERGY INC. CLOSES $1,000,000 OF PRIVATE PLACEMENT

Solarvest Bioenergy Inc. has closed on its previously announced financing (see the company's news release of Jan. 11, 2018). The company has issued convertible debentures units for aggregate gross proceeds of $1-million.

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 the 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.

Proceeds from this financing will be used to ramp up the production of the company's natural omega products, sales and marketing, equipment purchases, and general working capital, including further development of the company's technologies.

The company has paid cash finders' fees of $80,000 and issued 400,000 finders' warrants in connection with this financing in accordance with TSX Venture Exchange regulations. Each non-transferable finder's warrant entitles the finder to acquire one share at 25 cents per share for 36 months from the closing of the private placement.

All securities issued pursuant to this financing will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation. Final closing of the financing is subject to TSX Venture Exchange approval.

About Solarvest Bioenergy Inc.

Solarvest is a biotechnology company whose algal-based production platform 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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