Mr. Ashish Malik reports
BEE VECTORING ANNOUNCES PRIVATE PLACEMENT
Bee Vectoring Technologies International Inc. intends to undertake a non-brokered private placement to raise aggregate gross proceeds of up to $2-million. The offering will consist of up to 7,142,857 units at a price of 28 cents 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 will entitle the holder to purchase one additional common share at a price of 45 cents 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 65 cents for a period of 20 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 (disseminated through a newswire service in Canada) 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.
"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 and chief executive officer 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 United States, 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.
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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