Mr. Claes Ellegaard reports

SOLARVEST BIOENERGY INC. ANNOUNCES EXTENSION OF NON-BROKERED PRIVATE PLACEMENT AND INCREASE IN OFFERING SIZE TO $1 MILLION

Solarvest Bioenergy Inc. has been granted an extension by the TSX Venture Exchange to Feb. 8, 2023, to complete a previously announced non-brokered private placement (see the company's news release of Dec. 8, 2022). In addition, the TSX-V has approved an increase in the total size of the offering to $1-million. A first tranche of the offering raising over $460,000 has already closed (see the company's news release of Dec. 20, 2022) with a second tranche closing targeted for early February.

The offering will now consist of up to 10 million units at a price of 10 cents per unit for gross proceeds of up to $1-million. Each unit consists of one common share and one whole share purchase warrant. Each warrant entitles the holder to acquire one additional common share of the company at a price of 20 cents per common share for a period of two years following closing provided that if the closing price of the common shares (or the closing bid, if no sales were reported on a trading day) is greater than 40 cents for 20 consecutive trading days, the company may accelerate the expiry of the warrants only after six months from the date of issuance by providing written notice to the warrantholders. The warrants will, unless exercised, expire on the 21st day after the company provides the acceleration notice. In addition to accredited investors, the offering is open to all existing shareholders of the company subject to certain limitations. Finders' fees consisting of cash and/or finders' options may be payable in connection with the offering.

About Solarvest Bioenergy Inc.

Solarvest is an algal biologics company whose production platform provides it with an extremely flexible system capable of producing numerous products from omega-3 fatty acids to human therapeutic proteins.

We seek Safe Harbor.