Solarvest BioEnergy Inc. Closes Non-Brokered Private Placement
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Solarvest BioEnergy Inc.
Chief Executive Officer
416 420 0947