On February 9, 2023, Solarvest BioEnergy Inc. closed the transaction. On the same date, the company issued 810,000 units at a price of CAD 0.10 per unit for gross proceeds of CAD 81,000 in its second and final tranche closing.

The securities issued in the first tranche are subject to a statutory four months and a day hold period expiring on April 17, 2023 and second tranche securities on June 8, 2023. Each warrant entitles the holder to acquire one additional common share of the company at a price of CAD 0.20 per common share prior to December 16, 2024 for the first tranche and February 7, 2025 for the second tranche. The warrants will, unless exercised, expire on the 21st day after the company provides the Acceleration Notice. The company now has 60,755,372 common shares issued and outstanding. The transaction is subject to final acceptance of the TSX Venture Exchange.

The TSX Venture Exchange has accepted for filing documentation with respect to the non-brokered private placement. The transaction included participation from 34 placees and total existing insider involvement was from one insider for 400,000 units.