MISSISSAUGA, ONTARIO--(Marketwired - March 21, 2017) -
THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Bee Vectoring Technologies International Inc. (the "Company" or "BVT") (TSX VENTURE:BEE) is pleased to announce that it has completed the first tranche of a non-brokered private placement previously announced on March 1, 2017 (the "Private Placement"). The first tranche closing consisted of the sale and issuance of 4,602,000 Units ("Units") of the Company at a price of $0.25 per Unit for gross proceeds of C$1,150,500 (the "Offering").
Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant ("Warrant") entitles the holder to purchase one additional common share at a price of C$0.40 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 C$0.65 for a period of 30 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.
The Company paid commissions to eligible finders under the Offering totalling C$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 $0.40 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 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.
Additional information can be viewed at the Company's website www.beevt.com
On Behalf of Bee Vectoring Technologies International Inc.,
Ashish Malik, President & CEO
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 and the closing of the Offering and TSX Venture Exchange approval of the Offering. 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. 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 the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.