MISSISSAUGA, ONTARIO--(Oct. 22, 2015) -
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Bee Vectoring Technologies International Inc. (the "Company" or "BEE") (BEE:CA) is pleased to announce that it has completed the first tranche of a non-brokered private placement through the sale and issuance of 3,788,395 common shares ("Shares") of the Company at a price of $0.27 per Share for gross proceeds of C$1,022,867 (the "Offering").
BEE will apply the net proceeds of the Offering to the further development of the Company's new state of the art manufacturing plant located in Mississauga, Ontario; EPA approvals; international patent registration of the BVT system, and for general working capital purposes.
The Company paid commissions to finders under the Offering consisting of cash fees of C$79,110 and the issue of 293,000 finder's warrants. Each finder's warrant entitles the holder to purchase one Share of the Company at a price of C$0.27 per Share until April 22, 2017.
All securities issued or issuable under the Offering are subject to a four-month hold period expiring on February 23, 2015 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
BVT has developed and owns patent-pending bee vectoring technology (consisting of a proprietary tray dispenser containing a unique carrier agent) that is designed to harmlessly utilize commercially reared bumblebees 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 facilitates a targeted delivery of crop controls to flowering using the simple process of bee pollination to replace traditional crop spraying, resulting in better yield, organic product 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 the Board of Directors of Bee Vectoring Technologies International Inc.,
Michael Collinson, 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 certain "forward-looking statements" that involve known and unknown risks and uncertainties. All statements in this press release, other than statements of historical fact, that address events or developments that BVT expects to occur, are forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements with respect to BVT'S future plans and technologies, including the timing of such plans and technologies. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although BVT believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include continued availability of capital, financing and required resources (such as human resources, equipment and/or other capital resources), and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of BVT'S management on the date the statements are made. BVT undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
Bee Vectoring Technologies International Inc.
President & CEO
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