VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 1, 2011) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), wishes to announce it has arranged a non-brokered private placement, pursuant to which the investors will purchase from the Company up to 300,000 common shares priced at $0.25 per share for gross proceeds of $75,000. Proceeds from this private placement will be used as general working capital.
One of the intended subscribers to this placement is a director and officer who is also a Control Person of the Company and the placement is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions).
The shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation. Completion of the private placement will be subject to a number of conditions including the approval of the TSX Venture Exchange.
About Solarvest: Solarvest is committed to the development of sustainable and renewable energy sources to meet growing energy demands and environmental challenges. Solarvest's intellectual property is a biologically-based hydrogen producing technology, which provides a method for controlling key genes in algae resulting in the continuous production of hydrogen gas. Solarvest's bio-energy production system utilizes light and carbon dioxide to produce hydrogen leaving a clean positive environmental footprint.
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.
Contact Information: Solarvest Bioenergy Inc.
Gerri Greenham
Chief Executive Officer
416 420 0947
ggreenham@solarvest.ca