- Bee Vectoring Technologies International (BEE) has closed a non-brokered private placement of units and unsecured convertible notes to Sorbie Bornholm LP for gross proceeds of $3.8 million
- The company utilized the proceeds of the Sorbie private placement for the acquisition of government bonds
- Concurrently with closing the private placement, the company entered into certain hedging arrangements with Sorbie
- The company has also closed a concurrent private placement of 1,556,470 units for gross proceeds of $264,600
- BVT is an agriculture technology company
- Bee Vectoring Technologies International Inc. was down 2.56 per cent, trading at $0.19 at 13:53 ET
Bee Vectoring Technologies (BEE) closed a non-brokered private placement for gross proceeds of $3.8 million on July 11, 2022.
The company issued units and unsecured convertible notes to Sorbie Bornholm LP
The company utilized the proceeds to acquire government bonds in connection with the company and Sorbie entering into the sharing agreement.
“Recognizing the value opportunity with BVT, the capital from Sorbie’s investment is expected to allow BVT to continue executing on its scalable growth strategy,” noted Ashish Malik, CEO of BVT.
“We continue to show scalable growth with our increased testing and engagement in various regions and we are pleased that a well-established institutional investor has recognized the positive moment BVT is experiencing and has enough conviction to commit to a multi-year investment into our company,” noted Michael Collinson, BVT founder and Chairman.
The Sorbie private placement is expected to provide the company with a consistent source of funds over the next two years. The company hopes to use the funds to fund its ongoing growth strategy in the agricultural space for continued research and development and general working capital purposes.
Concurrently with closing the private placement, the company entered into certain hedging arrangements with Sorbie governed by an ISDA Master Agreement dated July 11, 2022 and a sharing agreement dated July 11, 2022.
The company has also closed a concurrent private placement of 1,556,470 units for gross proceeds of $264,600 on July 11, 2022, with the units having the same terms as the units issued in accordance with the Sorbie private placement.
BVT, an agriculture technology company, is a market disruptor with a significant global opportunity in the $240 billion crop protection and fertilizer market.
Bee Vectoring Technologies International Inc. was down 2.56 per cent, trading at $0.19 at 13:53 ET.