Solarvest BioEnergy closes first tranche of private placement

In Canada, Solarvest BioEnergy Inc. announced that it has closed a first tranche of a non-brokered private placement through the issuance of 4,609,000 units for gross proceeds of C$460,900.

Each Unit consists of one common share and one whole share purchase warrant. Each Warrant entitles the holder to acquire one additional Common Share of the Company at a price of C$0.20 per Common Share for a period of two years following closing provided that if the closing price of the Common Shares (or the closing bid, if no sales were reported on a trading day) is greater than C$0.40 for 20 consecutive trading days, the Company may accelerate the expiry of the Warrants after June 16, 2023.

In connection with closing of the First Tranche, the Company has paid aggregate cash finder’s fees of C$20,244 and issued an aggregate of 187,440 non-transferable finders’ options.  Each finder’s option is exercisable on identical terms as the Warrants and is also subject to accelerated expiry.