Mr. Ashish Malik reports
BEE VECTORING CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Bee Vectoring Technologies International Inc. has completed the first tranche of a non-brokered private placement previously announced on March 1, 2017. The first tranche closing consisted of the sale and issuance of 4,602,000 units of the company at a price of 25 cents per unit for gross proceeds of $1,150,500.
Each unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one additional common share at a price of 40 cents per common share until March 21, 2019, 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 65 cents for a period of 30 consecutive trading days commencing four 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, and the warrants will then expire on the 15th business day after the date of the press release unless exercised by the holder prior to such date.
The company paid commissions to eligible finders under the offering totalling $45,300 and issued to such finders a total of 181,200 finders' warrants. Each finder's warrant entitles the holder to acquire one common share of the company at 40 cents per share until March 21, 2019, subject to the acceleration terms as mentioned above.
All securities issued under the offering will be subject to a four-month hold period expiring on July 22, 2017, in accordance with applicable Canadian securities laws, 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.
About Bee Vectoring Technologies International Inc.
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 comprising 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.
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