Bee Vectoring Announces Close of C1.5M Private Placement
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Mississauga, ON – June 16, 2016 – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (TSXV: BEE) is pleased to announce that it has completed a non-brokered private placement of 2,780,985 units of the Company at a price of $0.55 per unit for gross proceeds of C$1,529,543 (the “Offering”).
Each unit consists of one common share and one half of one common share purchase warrant (“Unit”). Each whole common share purchase warrant (“Warrant”) entitles the holder to purchase one additional common share at a price of C$0.80 per common share until June 16, 2018, subject to the Company’s right to accelerate the expiry date of the Warrants if the closing market price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds C$1.20 for a period of 10 consecutive trading days any time after June 16, 2017 the Company will be entitled to accelerate the expiry of the Warrants upon notice given by press release (disseminated through a newswire service in Canada) and the Warrants will then expire on the fifteenth (15th) business day after the date of the press release unless exercised by the holder prior to such date.
BVT will apply the net proceeds of the Offering for the proposed expansion of the Company into Europe, to add personnel to the Company’s technical team, for EPA approvals; international patent registrations of the BVT system, and for general working capital purposes.
The Company paid commissions to finders under the Offering consisting of cash fees of C$88,017 and the issue of 160,028 finder’s warrants. Each finder’s warrant entitles the holder to purchase one Share of the Company at a price of C$0.80 per Share until June 16, 2018.
All securities issued or issuable under the Offering are subject to a four-month hold period expiring on October 17, 2016 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Final closing of this Offering is subject to final acceptance by the TSX Venture Exchange.
BVT has developed and owns patent-pending bee vectoring technology (consisting of a proprietary tray dispenser containing a unique carrier agent) that is designed to harmlessly utilize commercially reared bumblebees as natural delivery mechanisms for a variety of powdered mixtures comprised of organic compounds that inhibit or eliminate common crop diseases, while at the same time stimulating and enhancing the same crops. This unique and proprietary process facilitates a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yield, organic product and less impact on the environment without the use of water or disruptions to labour.
On Behalf of the Board of Directors of Bee Vectoring Technologies International Inc.
President & CEO
For further information, please contact:
Michael Collinson, President & CEO
For media enquiries or interviews, please contact:
Josh Stanbury | email@example.com | T. 416-628-7441
Neither 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 release.
This press release contains “forward-looking information” that is based on the Company’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to the Company’s development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.