Solarvest BioEnergy Inc. Closes Non-Brokered Private Placement
June 20 2011 - 7:05PM
Marketwired
SOLARVEST BIOENERGY INC. (TSX VENTURE: SVS) ("Solarvest" or the
"Company") wishes to announce it has closed a non-brokered private
placement, pursuant to which investors purchased from the Company
300,000 common shares at a price of $0.25 per share for gross
proceeds of $75,000.
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 in 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.
Contacts: Solarvest BioEnergy Inc. Gerri Greenham Chief
Executive Officer 416 420 0947 ggreenham@solarvest.ca
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