Bee Vectoring Technologies International has raised a C$6 million financing facility from U.S. private equity firm Alumina Partners. Mississauga, Ontario, BVT is an agriculture tech company.
Mississauga, Ontario and Sacramento, California–(Newsfile Corp. – April 28, 2020) – Bee Vectoring Technologies International Inc. (TSXV: BEE) (OTCQB: BEVVF) (CVE: BEE) (the “Company” or “BVT”) is pleased to announce that it has entered into a definitive agreement (the “Agreement”) with Alumina Partners (Ontario) Ltd. (“Alumina”) that secures a commitment of up to $6,000,000 CDN (Six Million Dollars) in an at-will financing facility (the “Facility”).
The Agreement enables BVT to continue its growth strategy to bring its groundbreaking, natural precision agricultural technology to market while maintaining complete financial flexibility and freedom. The financing is at the sole discretion of BVT, which provides the Company with the ability to access funds when necessary. There are no transaction fees associated with the Facility, no minimum amounts that must be drawn down and no penalties in the event that BVT elects not to draw upon the Facility.
“This is a strong endorsement from Alumina Partners, a leading New York-based private equity firm. Their investment will provide the Company with the financial capability to ensure BVT can execute on its business plan,” said Ashish Malik, CEO of the Company. “This flexible arrangement will give us control over the timing and the amount of capital needed to continue the execution and expansion of BVT’s growth strategy.”
“Alumina looks forward to helping BVT accelerate their plans to progress deployment and further development of their natural precision agriculture system,” added Adi Nahmani, Managing Member of Alumina Partners. “We have been very impressed by the elegance of the company’s strategy. Using bees to deliver targeted micro-doses of natural pest and disease control agents can potentially change the face of modern agriculture.”
Michael Collinson, Chairman of the Company added, “The Company made major accomplishments in 2019: we transitioned from being an R&D company to a commercial enterprise with EPA approval and increasing sales from growers in multiple crops. We have been able to secure a significant financing arrangement, even in these uncertain times of the COVID-19 pandemic. That speaks volumes for the strength of BVT’s fundamentals, including its vast global market opportunity, the ability of its experienced management team to execute the business plan, an extensive worldwide patent portfolio and strong agriculture industry relationships with both partners and growers. It’s an exciting time to be a part of the BVT community.”
Pursuant to the terms of the Agreement, the Company has the right to draw down from the Facility for a period of thirty-six months in equity private placement tranches of up to $500,000 (each a “Tranche”). Each Tranche will be at the sole discretion of the Company and can occur at any time upon the Company giving notice to Alumina. Each Tranche will be comprised of units (“Units”), with each Unit consisting of one common share (each a “Share”) and one common share purchase warrant (each a “Warrant”). Each Unit shall be priced at a discount of between 15-25% from the closing price of the Shares on the day prior to BVT’s draw down notice to Alumina. Each Warrant will be exercisable for a period of twenty four (24) months from the closing date at an exercise price that is a 25% premium to the market price of the Shares. The Warrants will also contain an accelerated expiry provision, should BVT’s Shares trade for a period of 10 consecutive trading days at a premium of at least 100% above the Warrant exercise price. Each draw down from the Facility will be subject to TSX-V approval. All securities issued will be subject to a statutory hold period that expires four (4) months and one (1) day from issuance.
About Bee Vectoring Technologies International Inc.
BVT, an agriculture technology company, is a market disruptor with a significant global market opportunity in the $240 billion crop protection and fertilizer market. BVT has pioneered a natural precision agriculture system that replaces chemical pesticides and wasteful plant protection product spray applications by delivering biological pesticide alternatives to crops using commercially grown bees. BVT’s award-winning technology, precision vectoring, is completely harmless to bees and allows minute amounts of naturally-derived pesticides (called biologicals) to be delivered directly to blooms, providing improved crop protection and yield results than traditional chemical pesticides – and improving the health of the soil, the microbiome and the environment. Currently, BVT has over 65 granted patents, over 35 patents pending in all major agricultural countries worldwide, and has US EPA registration of its VECTORITE™ with CR-7 (EPA Registration No. 90641-2) for sale as a registered biological fungicide for use on the labeled crops.
Additional information can be viewed at the Company’s website www.beevt.com. To receive regular news updates from the Company, subscribe at www.beevt.com/newsletter.