Solarvest BioEnergy Inc. announced a private placement of up to 6,500,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 650,000 on October 20, 2022. The transaction will include participation from accredited investors and existing shareholders of the company. Each unit will consist of one common share and one whole share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the company at a price of CAD 0.20 per share for a period of two years following closing provided that if the closing price of the common shares is greater than CAD 0.40 for 20 consecutive trading days, the company may accelerate the expiry of the warrants. Closing may take place in one or more tranches. In addition to accredited investors, the transaction is open to all existing shareholders. The company has set October 19, 2022 as the record date for the purpose of determining existing shareholders eligibility to purchase units pursuant to the existing shareholder exemption and cannot exceed CAD 15,000 unless a subscriber has obtained suitability advice. All securities issued pursuant to this financing are subject to a four-month-and-one-day hold period under applicable Canadian securities legislation. The company may pay finders' fees to qualified finders in connection with this financing. closing is subject to TSX Venture Exchange acceptance.

On December 8, 2022, the company announced that it is currently settling a final subscriber list and will shortly be seeking approval from the TSX Venture Exchange to close the offering.