Solarvest BioEnergy Inc. (TSXV:SVS) announced a private placement of convertible debenture units for gross proceeds of CAD 5,000,000. Each unit will consist of one convertible debenture and that number of detachable warrants that is equal to the principal amount of the debenture divided by CAD 0.20. Each convertible debenture may be converted into common shares at a price of CAD 0.20 per share for 36 months from the date of closing. Each warrant entitles the holder to purchase one share at a price of CAD 0.25 per share for 36 months from the closing date. The company may pay finder’s fees for not more than 8% of the gross proceeds of the transaction and share purchase warrants. The securities issued are subject to four month and one day hold period. The transaction is subject to TSX Venture exchange approval.