Solarvest BioEnergy Inc., an algae technology company, has received a 30 day extension from the TSX Venture Exchange in order to complete its previously announced $1 million financing with Drashta Ventures, a United Kingdom based impact investment fund.
Solarvest closed first tranche of 1,000,000 units at $0.23 per unit for $250,000 on February 8, 2107. Each unit consists of one common share and one whole warrant. Each whole warrant entitles the holder to acquire one additional common share at a price of $0.35 per share for a period of two years following closing subject to accelerated expiry.
The balance of the financing may close in two or more tranches.
Drashta Ventures is an innovative impact investment fund sponsored by Drashta Capital. Drashta invests in early and mid-stage companies that have a strong social or environmental impact, while protecting investors’ interests under a unique, self-sustaining capital protection model.
photo credit: Solarvest BioEnergy