Solarvest BioEnergy's New Fixed Stock Option Plan Accepted by TSXV; Option Grants to Directors, Officers and Consultants

Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - Solarvest BioEnergy Inc. (TSXV: SVS) ("Solarvest" or the "Company") is pleased to announce that, further to its news releases of September 22 and November 3, 2022, the TSX Venture Exchange (the "Exchange") has accepted for filing its new fixed stock option plan (the "2022 Plan"). The 2022 Plan reserves a total of 11,067,000 common shares for issuance pursuant to the grant of stock options. All outstanding options from the Company's previous stock option plan have been rolled into the 2022 Plan effective March 1, 2023 and will be governed by its terms. Although disinterested shareholder approval for the 2022 Plan was obtained at the annual meeting of shareholders held on October 25, 2022, due to certain revisions required by the Exchange, further disinterested shareholder approval is required to be obtained at the next meeting of shareholders.

The Company also wishes to announce that, effective March 1, 2023, it has issued an aggregate of 2,500,000 stock options to various directors and officers, each option entitling the holder to acquire one common share of the Company at a price of $0.10 per share. Of these options, 750,000 expire on March 1, 2026, and are not subject to vesting. The remaining 1,750,000 options, which expire on October 6, 2026, have been granted to Claes Ellegaard, CEO, as part of his compensation arrangements and include the 750,000 disclosed in the Company's news release of October 18, 2022. Of the options granted to Mr. Ellegaard, 750,000 vest immediately while the balance are subject to vesting and are releasable based on certain performance criteria contained in Mr. Ellegard's compensation package.

The Company also wishes to announce that, effective March 1, 2023, it has granted an aggregate of 1,780,000 stock options with an exercise price of $0.10 to various business consultants. The expiry dates of these options vary as they run concurrently with the consultant contracts although no consultant options expire any later than March 1, 2026.

As a result of the foregoing issuances and previously announced grants, as at the date hereof, the aggregate number of options issued and outstanding under the 2022 Plan is 8,575,000 leaving available 2,492,000 options available for future grants.

About Solarvest

Solarvest BioEnergy Inc. is an algae 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.

For further information contact:

Claes Ellegaard
Phone: 1.514.898.3488
Email: invest@solarvest.ca

Forward-Looking Statement

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157249