VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 8, 2017) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company") is pleased to announce it has closed a first tranche of its previously announced private placement financing, with Drashta Ventures, a United Kingdom based impact investment fund ("Drashta").
Gross proceeds of $250,000 were raised through the issuance of 1,000,000 units at a price of $0.25 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 $0.35 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 $0.95 per share.
The balance of the financing, up to an additional $750,000, may close in two or more tranches.
Proceeds from this financing will be used for the production of inventory, sales and marketing, equipment purchases, patenting costs and general working capital, including further development of the Company's technologies.
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, and final approval by the TSX Venture Exchange.
Drashta Ventures' is an innovative impact investment fund sponsored by Drashta Capital whose mission is to harness the collective power of capital, technology and people to solve the most pressing challenges facing the world today. With the 17 Sustainable Development Goals defined by the UN as its initial guide, Drashta invests in early and mid-stage companies that have a strong social or environmental impact, while protecting investors' interests under a unique, self-sustaining capital protection model.
Solarvest BioEnergy Inc. is an algae 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.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.