Solarvest secures $1M financing from Drashta Ventures

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By Ted Liu

Solarvest BioEnergy Inc. (TSX-V: SVS) has arranged a private placement financing with Drashta Ventures, a London, UK based impact investment fund, for up to $1 million in two or more tranches.

Solarvest BioEnergy will issue up to 4,000,000 units at a price of $0.25 per unit for gross proceeds of up to $1 million. Each unit consists of one common share and one whole warrant exercisable at $0.35 per share for a period of two years, subject to accelerated expiry.

Upon completion of this placement, Drashta will hold 15.52% of the issued and outstanding shares on non-diluted basis or 26.86% on partially diluted basis.

Closing of the financing is subject to shareholder approval and TSX Venture Exchange acceptance.

Sponsored by Sydney, Australia based Drashta Capital Pty Ltd., Drashta Ventures 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: Christian Bisbo Johnsen via unsplash