Bee Vectoring Announces C$1.6M Non-Brokered Private Placement
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Mississauga, ON – September 28, 2015 – Bee Vectoring Technologies International Inc. (the “Company” or “BEE”) (TSXV: BEE) announces that it has received subscription commitments for C$1,600,000 and is in the process of completing a non-brokered private placement of 5,925,925 common shares (the “Shares”) at C$0.27 per Share for gross proceeds of C$1,600,000 (the “Offering”).
BEE will apply the net proceeds of the Offering to the further development of the Company’s new state of the art manufacturing plant located in Mississauga, Ontario, EPA approvals, international patents, to attract and hire industry leaders to work with the Company, and for general working capital purposes.
The Company will pay finders’ fees and commissions in connection with the Offering of 8% cash and 8% warrants (the “Finder’s Warrants”) to eligible finders. Each Finder’s Warrant will entitle the holder to acquire one common share at a price of C$0.27 per common share for a period of 18 months from the date of issue.
All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws.
Closing of this Offering is subject to the receipt of all necessary regulatory approvals including that of the TSX Venture Exchange.
Bee Vectoring Technologies International Inc. has developed a proprietary tray and dispenser with a proprietary carrier agent “Vectorite” and utilizes commercially raised bees to transport and deliver the Vectorite (organic and inorganic bio-controls and fertilizers) to crops, an industry first – one part crop control, one part pollination.
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 | firstname.lastname@example.org | T. 416-628-7441
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