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MISSISSAUGA, Ontario, Feb. 16, 2018 (GLOBE NEWSWIRE) -- Bee Vectoring Technologies International Inc. (the 'Company' or 'BVT') (TSXV:BEE) is pleased to announce the closing of its non-brokered private placement for gross proceeds of C$1,575,000 (the 'Offering'). The Offering was oversubscribed and the Company issued an additional 1,500,000 units as to what was previously announced for a total of 6,300,000 units of the Company at a price of $0.25 per unit.
Each unit consists of one common share and one half of one common share purchase warrant ('Unit'). Each whole common share purchase warrant ('Warrant') entitles the holder to purchase one additional common share at a price of C$0.30 per common share until February 16, 2019.
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 paid commissions to finders under the Offering consisting of cash fees of C$105,600 and the issue of 422,400 finder's warrants. Each finder's warrant entitles the holder to purchase one common share of the Company at a price of C$0.30 per common share until February 16, 2019.
All securities issued or issuable under the Offering are subject to a four-month hold period expiring on June 17, 2018 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
Final closing of this Offering has received final acceptance by the TSX Venture Exchange.
About .
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
On Behalf of Bee Vectoring Technologies International Inc.,
'Ashish Malik'
President & CEO
For further information, please contact:
Ashish Malik, President & CEO
Tel: 530-219-7808
Babak Pedram, Investor Relations
Virtus Advisory Group
Tel: 416-995-8651
For media enquiries or interviews, please contact:
Josh Stanbury | | 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 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.
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