THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
MISSISSAUGA, Ontario, Jan. 30, 2018 (GLOBE NEWSWIRE) -- Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (TSXV:BEE) announces its intention to undertake a non-brokered private placement (the “Offering”) to raise aggregate gross proceeds of up to C$1,200,000. The Offering will consist of up to 4,800,000 Units at a price of C$0.25 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 (“Warrant”) will entitle the holder to purchase one additional common share at a price of C$0.30 per common share for period of 12 months from the date of issue.
“As an organization, we are at an exciting time as we are quickly moving towards commercialization and have seen significant results from our strawberry, blueberry and sunflower testing,” said Ashish Malik, CEO of Bee Vectoring Technologies. “As we quickly inch closer to getting a clear answer regarding our EPA approval, we remain very optimistic and believe this capital will ensure that we are able to continue moving forward on the excellent results we saw throughout 2017.”
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 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 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
For further information, please contact:
Ashish Malik, President & CEO
marketing@beevt.com
Investor Relations:
Babak Pedram I Tel: 416-644-5081
bpedram@virtusadvisory.com
For media enquiries or interviews, please contact:
Josh Stanbury | josh@sjspr.co.uk | 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.