VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/05/15 -- SOLARVEST BIOENERGY INC. (TSX VENTURE: SVS) ("Solarvest") announces that it has arranged to settle the sum of $100,000 as recorded in its financial statements, which has been due to Cawkell Brodie LLP in connection with legal services rendered during fiscal 2009 and 2010, by way of a shares for debt. Pursuant to a letter agreement the total debt will be settled through the issuance of 285,714 common shares at a deemed price of $0.35 per share.
This transaction involves certain related parties and is exempt from shareholder approval accordance with MI 61-101 (Protection of Minority Security Holders in Special Transactions). Specifically, Kenneth A. Cawkell is a partner of Cawkell Brodie LLP and is also a director, chairman and secretary of Solarvest.
Completion of the settlement will be subject to a number of conditions, including the approval of the TSX Venture Exchange. The common shares issuable pursuant to the purchase agreement will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.
About Solarvest:
Solarvest is an algae technology company that owns numerous key patents and whose algal-based production platform provides it with an extremely flexible production system. The Company's wholly owned subsidiary, Solarvest PEI, has developed a patented (pending) process to produce the world's first organic Omega-3 using algae, to help meet the 13 billion dollar global Omega-3 market. The Solarvest system utilizes a natural process growing the algae under closely controlled conditions ensuring that the health product(s) produced have none of the environmental contaminants found in our oceans. Organic certification provides assurance that the product(s) is GMO free, sustainable, produced without chemicals and, being algae, supports vegetarian and vegan diets. Solarvest's licensed Organic Omega-3 products will offer the consumer a healthy and sustainable product choice.
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 Solarvest's expectations and projections.
Contacts:
Gerri Greenham
Chief Executive Officer
Tel: 416 420 0947
Email: ggreenham@solarvest.ca
