Solarvest BioEnergy Inc. (TSX-V: SVS), an algae technology company, has suspended its previously announced private placement financing with Drashta Ventures, a United Kingdom based impact investment fund.
On February 8, 2017, Solarvest closed a first tranche of $250,000 of a proposed $1,000,000 placement of 4,000,000 units at a price of $0.25 per unit. The balance of the financing had been anticipated to close in two or more tranches this month.
The remaining subscription proceeds could not be secured in a timely fashion, as the 30 day extension granted by the TSX Venture Exchange has now expired.
Solarvest said the parties will continue to work towards the funding and Drashta has confirmed that they remain committed and confident that the funds will be available, although the short-term timing is difficult to predict.
photo credit: Solarvest BioEnergy