Bee Vectoring Announces Private Placement
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Mississauga, ON – June 26, 2017 – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (TSXV: BEE) announces its intention to undertake a non-brokered private placement (the “Offering”) to raise aggregate gross proceeds of up to C$2,000,000. The Offering will consist of up to 7,142,857 Units at a price of C$0.28 per Unit.
Each Unit will consist of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant (“Warrant”) will entitle the holder to purchase one additional common share at a price of C$0.45 per common share for period of 24 months from the date of issue, 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$0.65 for a period of 20 consecutive trading days commencing 4 months after the date the Warrants are issued . 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.
“With the recent positive results from our strawberry demonstrations, we are at a significant juncture for the company where financing is necessary to continue our rapid path towards commercialization,” said Ashish Malik, President & CEO of BVT. “As we continue our discussions with growers and pursue additional prospects, having the necessary working capital to move forward is key as we aim to provide a sustainable approach to crop production.”
BVT will apply the net proceeds of the Offering to support its commercialization plans for the US, continuation of selective market expansion projects including developing opportunities in additional crops and advancing registration activities in new countries, and for general working capital purposes.
The Company may pay finders’ fees in connection with the Offering, in accordance with TSX Venture Exchange policies. All securities issued under the offering will be subject to a four month hold period in accordance with applicable Canadian securities laws.
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 that is designed to harmlessly utilize bumblebees and honeybees 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 enables a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yields, superior quality and less impact on the environment without the use of water or disruptions to labour.
For further information, please contact:
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
For media enquiries or interviews, please contact:
Josh Stanbury | firstname.lastname@example.org | 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.