October 24, 2012 18:25 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - SOLARVEST BIOENERGY INC (TSX VENTURE:SVS) ("Solarvest" or the "Company"), wishes to announce it has closed a non-brokered private placement, pursuant to which an investor purchased from the Company 500,000 common shares at a price of $0.20 per share for gross proceeds of $100,000.
This placement was entirely subscribed by 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).
Proceeds from this private placement will be used as general working capital. The shares will be subject to resale restrictions for a period of four months from closing under applicable securities legislation.
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.
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.
Solarvest BioEnergy Inc.Gerri GreenhamChief Executive Officer416 420 firstname.lastname@example.org
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