Solarvest BioEnergy Inc. Closes Non-Brokered Private Placement and Unsecured Loan
VANCOUVER, BRITISH COLUMBIA PRIVATE PLACEMENT– SOLARVEST BIOENERGY INC. announced the closing of its previously announced non-brokered private placement and an unsecured loan.
The private placement was entirely subscribed by an Insider of the Company who purchased 500,000 common shares at a price of $0.20 per share for gross proceeds of $100,000. The shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.
The Company also accepted a $100,000 unsecured loan, from the same Insider of the Company, through the issuance of a demand promissory note. The loan will bear interest at a rate of six percent (6%) compounded annually.
Proceeds from this private placement and unsecured loan will be used as general working capital to assist with the restructuring of the Company.
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