Bee Vectoring Closes First Tranche of Private Placement
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Mississauga, ON – October 22, 2015 – Bee Vectoring Technologies International Inc. (the “Company” or “BEE”) (TSXV: BEE) is pleased to announce that it has completed the first tranche of a non-brokered private placement through the sale and issuance of 3,788,395 common shares (“Shares”) of the Company at a price of $0.27 per Share for gross proceeds of C$1,022,867 (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 patent registration 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$79,110 and the issue of 293,000 finder’s warrants. Each finder’s warrant entitles the holder to purchase one Share of the Company at a price of C$0.27 per Share until April 22, 2017.
All securities issued or issuable under the Offering are subject to a four-month hold period expiring on February 23, 2015 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
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 to flowering 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.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, “annual revenue potential”, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: planted acres of strawberries in Florida, selling price of competitive chemical pesticides and the US to Canadian dollar exchange rate. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include changes in law, competition, litigation, the ability to implement business strategies and pursue business opportunities, state of the capital markets, the availability of funds and resources to pursue operations, new technologies, the ability to protect intellectual property rights, the ability to obtain patent protection for products, third-party intellectual property infringement claims, regulatory changes affecting products, failing research and development activities, the ability to reach and sustain profitability, dependence on business and technical experts, the ability to effectively manage business operations and growth, issuance of debt, dilution of existing securities, volatility of publicly traded securities, potential conflicts of interest, unlikelihood of dividend payments, the potential costs stemming from defending third-party intellectual property infringement claims, the ability to secure relationships with manufacturers and purchasers, as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in the Company’s Filing Statement dated May 29, 2015, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and Inspira undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. All figures are in Canadian dollars.