Solarvest BioEnergy Inc.

Solarvest BioEnergy Inc.

July 16, 2009 18:02 ET

Solarvest BioEnergy Inc. Closes Non-Brokered Private Placement and Unsecured Loan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2009) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company") wishes to announce the closing of its previously announced non-brokered private placement and an unsecured loan.

The private placement was entirely subscribed by an Insider of the Company who purchased 500,000 common shares at a price of $0.20 per share for gross proceeds of $100,000. The shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.

The Company also accepted a $100,000 unsecured loan, from the same Insider of the Company, through the issuance of a demand promissory note. The loan will bear interest at a rate of six percent (6%) compounded annually.

Proceeds from this private placement and unsecured loan will be used as general working capital to assist with the restructuring of the Company.

About Solarvest

Solarvest is a research and development company in the biotechnology sector. The Company is committed to the development of sustainable and renewable energy sources to meet growing energy demands and environmental challenges. Solarvest has acquired the rights to a biologically-based hydrogen producing technology, which provides a controlled method for turning on and off genes in algae resulting in the continuous production of hydrogen gas.

The statements made in this Press 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this Press Release.

Contact Information

  • Solarvest BioEnergy Inc.
    Kenneth A. Cawkell
    (604) 684-3323 ext 227
    (604) 684-3350 (FAX)