Tags: Alternative Energy
Vancouver, BC / TheNewswire / January 11, 2018 – SOLARVEST BIOENERGY INC. (TSX-V:SVS) ("Solarvest" or the "Company"), is pleased to provide an update on business operations and details of its current private placement.
Intellectual Property — The Company’s IP portfolio has continued to expand; Patents were recently issued (claims accepted) for Solarvest’s protein expression (or repression) system in Canada and Brazil. Additionally the organic "Biomass Patent" is published and applied for in the major international Omega-3 markets, including Europe, USA, Canada, Japan, China, South Korea and Australia.
The Company has also been issued a commercial Trademark in Canada. This will be used for the impending launch of the Company’s patented Omega-3 products and customer’s products containing Solarvest’s Omega-3 ingredients. The Trademark coverage includes many foods, nutraceutical, dietary supplements, namely, omega-3 fatty acids, omega-3 fatty acid oil, polyunsaturated fatty acids, carotenoids, antioxidants, protein, vitamins and functional food.
Corporate — The Board of Directors wishes to thank Mr. Mark Ledwell for his support over the years spent as a Director of the Company. Mr. Ledwell did not run for re-election to the Board this year due to his business demands as a Managing partner for a leading law firm. He will continue to support and advise the Company.
Private Placement — The Company announces a non-brokered private placement pursuant to which the Company intends to raise gross proceeds of up to $ 5,000,000 through the issuance of convertible debenture units ("Unit(s)"). Each Unit shall consist of one (1) convertible debenture (the "Convertible Debenture(s)") and that number of detachable Warrants that is equal to the principal amount of the debenture divided by $ 0.20 (the "Warrant(s)"). Each Convertible Debenture may be converted into common shares ("Shares") at the price of $ 0.20 per Share for 36 months from the closing date, and does not bear interest. Each Warrant entitles the Purchaser to purchase one Share at the price of $ 0.25 per Share for 36 months from the closing date (the "Offering").
At such time as the aggregate gross proceeds of the Offering equals or exceeds $ 2,000,000, Solarvest shall execute a General Security Agreement to secure the aggregate principal amount of the Convertible Debentures,
Proceeds from this financing will be used for the production of inventory, sales and marketing, equipment purchases and general working capital, including further development of the Company’s technologies.
The Company may pay finder’s fees with respect to certain subscribers in this placement, which shall not exceed a cash payment of up to 8% of the gross proceeds of the Offering and additionally the issuance of common share purchase warrants ("Finder Warrants") in an amount not to exceed 8% of the Warrants actually sold. Each such Finder Warrants to be non-transferable and shall entitle the holder to purchase one Share at the price of $ 0.25 per Share for 36 months from the closing date.
All securities issued pursuant to this Offering will be subject to resale restrictions for a period of four months and one day from closing under applicable securities legislation. Closing of the Offering is subject to TSX Venture Exchange acceptance.
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.
For further information contact:
Gerri Greenham, Chief Executive Officer
Tel: 416 420 0947 Email: email@example.com
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.
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