VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/14/13 -- 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 1,000,000 common shares at a price of $0.24 per share for gross proceeds of $240,000.
This placement was 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 BioEnergy:
Solarvest BioEnergy Inc. is a world leading algae technology company that commercializes proprietary and advanced products for substantial markets. The Company's algal based production platform provided it with an extremely flexible system capable of being adapted to produce both human and animal health products in an economic and environmentally sensitive manner.
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
