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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 4, 2016) - SOLARVEST BIOENERGY INC. (TSX VENTURE:SVS) ("Solarvest" or the "Company"), announces it has closed the second tranche of its previously announced non-brokered private placement, pursuant to which investors purchased from the Company an aggregate 100,000 Units at a price of $0.25 per Unit for gross proceeds of $25,000. Each Unit consists of one common share and one warrant. Each warrant is exercisable for one common share at $0.35 for a period of eighteen months following the closing and include an acceleration clause that is triggered by a share price of $0.55 per share.
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.
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.