(TheNewswire)
Mississauga, ON Canada andSacramento, CA USA (May 1, 2024) TheNewswire – Bee Vectoring Technologies InternationalInc. (the “Company” or “BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) announces that further to the news release dated April 23,2024, it has closed the previously announced debt settlement andissued 11,037,485 Common shares at a price of $0.035 per Commonshare (the “ SettlementShares ”), to fully settle outstanding debtsowed to a creditor (the “ Creditor ”) in the amount of $386,312.
All securities issued pursuant to the debt settlementare subject to a statutory hold period that will expire on August 31,2024, in accordance with applicable securities laws.
The Company also announces that is has drawn down the3rd tranche of $100,000 in secured promissory notes (the“ Notes ”) from the previously announced Loan Agreement datedDecember 11, 2023 and it has issued 2,600,000 Common shares at a priceof $0.05 per Common share. The conversion of the Notes into Commonshares included a 10% repayment penalty fee and a 20% facilitation feepayable to the noteholders. The Common shares issued in satisfactionof the Notes were issued in accordance to NI 45-106 section 2.42(1)and are free trading from issuance.
The Company has also issued an aggregate of 3,539,625restricted share units (the “ RSUs ”) to employees and consultants pursuantto the Company’s restricted share unit plan (the “ RSU Plan ”). Aportion of the RSUs will vest immediately with the remaining RSUsvesting four months from the date of issuance. Each RSU shall entitlethe holder thereof to acquire one common share of the Company bydelivering a notice of acquisition to the Company in accordance withthe RSU Plan. In accordance with the RSU Plan, the RSUs were priced at$0.05 which was above the closing market price on April 30, 2024. TheRSUs were awarded to employees and consultants who have agreed torestructure their compensation and receive RSUs in lieu of certaincash payments for future services. All of the noted RSUs remainsubject to the Company receiving shareholder approval of its RSU planat its annual general and special meeting which is being re-scheduledfor early July 2024.
About Bee Vectoring Technologies InternationalInc .
BVT, an agriculture technology company, is a market disruptor with asignificant global market opportunity in the $240 billion cropprotection and fertilizer market. BVT has pioneered a naturalprecision agriculture system that replaces chemical pesticides andwasteful plant protection product spray applications by deliveringbiological pesticide alternatives to crops using commercially grownbees. BVT's award-winning technology, precision vectoring, iscompletely harmless to bees and allows minute amounts ofnaturally-derived pesticides (called biologicals) to be delivereddirectly to blooms, providing improved crop protection and yieldresults than traditional chemical pesticides - and improving thehealth of the soil, the microbiome and the environment. Currently, BVThas over 55 granted patents, many more patents pending in all majoragricultural countries worldwide and has US EPA registration of itsVectorite™ with CR-7 (EPA Registration No. 90641-2) for sale as aregistered biological fungicide for use on the labeled crops.
Additional information can be viewed at the Company’swebsite www.beevt.com . To receive regular news updates fromthe Company, subscribe at www.beevt.com/newsletter .
BVT Company Contact:
Ashish Malik, President & CEO, BVT
BVT Investor Contacts:
Babak Pedram
Virtus Advisory Group
Tel: 416-995-8651
bpedram@virtusadvisory.com
The CSE has neither approved nordisapproved the contents of this press release. The CSE does notaccept responsibility for the adequacy or accuracy of this release. Certain statements containedin this press release constitute "forward-lookinginformation" as such term is defined in applicable Canadiansecurities legislation. The words "may", "would","could", "should", "potential","will", "seek", "intend","plan", "anticipate", "believe","estimate", "expect" and similar expressions asthey relate to the Company, “annual revenue potential”, areintended to identify forward-looking information. All statements otherthan statements of historical fact may be forward-looking information.Such statements reflect the Company’s current views and intentionswith respect to future events, and current information available tothe Company, and are subject to certain risks, uncertainties andassumptions, including: planted acres, selling price of competitivechemical pesticides and the US to Canadian dollar exchange rate.Material factors or assumptions were applied in providingforward-looking information. Many factors could cause the actualresults, performance or achievements that may be expressed or impliedby such forward-looking information to vary from those describedherein should one or more of these risks or uncertainties materialize.These factors include changes in law, competition, litigation, theability to implement business strategies and pursue businessopportunities, state of the capital markets, the availability of fundsand resources to pursue operations, new technologies, the ability toprotect intellectual property rights, the ability to obtain patentprotection for products, third-party intellectual propertyinfringement claims, regulatory changes affecting products, failingresearch and development activities, the ability to reach and sustainprofitability, dependence on business and technical experts, theability to effectively manage business operations and growth, issuanceof debt, dilution of existing securities, volatility of publiclytraded securities, potential conflicts of interest, unlikelihood ofdividend payments, the potential costs stemming from defendingthird-party intellectual property infringement claims, the ability tosecure relationships with manufacturers and purchasers, as well asgeneral economic, market and business conditions, as well as thoserisk factors discussed or referred to in the Company’s FilingStatement dated August 14,2020, filed with the CSE and securitiesregulatory authorities in certain provinces of Canada and available atwww.sedar.com. Should any factor affect the Company in an unexpectedmanner, or should assumptions underlying the forward-lookinginformation prove incorrect, the actual results or events may differmaterially from the results or events predicted. Any suchforward-looking information is expressly qualified in its entirety bythis cautionary statement. Moreover, the Company does not assumeresponsibility for the accuracy or completeness of suchforward-looking information. The forward-looking information includedin this press release is made as of the date of this press release andthe Company undertakes no obligation to publicly update or revise anyforward-looking information, other than as required by applicable law.All figures are in Canadian dollars.
Copyright (c) 2024 TheNewswire - All rights reserved.