London, UK – July 13, 2022 – Sorbie Bornholm LP, (“Sorbie”) a UK Investment Fund, is pleased to announce an investment in Bee Vectoring Technologies International Inc. (“BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE). The gross amount of the investment is $3.8 million (CAD). The funds will go towards advancing BVT’s ongoing growth strategy in the agricultural space, continued research and development, and general working capital purposes.
BVT issued the following securities to Sorbie in connection with the Private Placement:
- 11,176,471 Units. Each Unit consists of one common share of BVT and one share purchase warrant.
- 1,900 Notes in the principal amount of $1,000 per Note. The Notes bear an interest rate of 7% per annum for a period of three years. Each Note is convertible into 5,128 Shares for a period of three years from the date of issuance and includes detachable warrants.
- In addition, 798 convertible notes were issued to Sorbie with 275 Payment Notes being issued in satisfaction of the $275,000 value payment that was payable by BVT in connection with Sorbie entering into the Sharing Agreement, and 523 Payment Notes being issued to Sorbie in satisfaction of the Benchmark Payment. The first interest payment for the 1,900 Notes issued to Sorbie was paid concurrently with the closing of the Private Placement by the issuance of 431,770 Shares.
In addition, BVT has entered into a Sharing Agreement with Sorbie, which allows BVT to retain much of the economic interest in the Sorbie Subscription Shares and Notes. The Sharing Agreement will enable BVT to secure the potential upside on a portion of the Sorbie Subscription Shares arising from news flow over the next 24 months. There is no upper limit placed on the additional proceeds receivable by BVT as part of the monthly settlements. In no case would a decline in BVT’s share price result in any increase in the number of ordinary shares to be issued to Sorbie or any other advantage accruing to Sorbie. The Sharing Agreement permits BVT to retain much of the economic interest of the securities issued to Sorbie.
The Private Placement, including the terms of the Sharing Agreement, was structured to provide BVT with a consistent source of funds over the next two years, with the potential for additional capital being available to the extent the Share price exceeds the Benchmark Price during the term of the Sharing Agreement. BVT plans to use the proceeds of the Private Placement to advance its ongoing growth strategy in the agricultural space, for continued research and development, and for general working capital purposes.
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 BVT’s website www.beevt.com
For more information, please contact BVT:
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
About Sorbie Bornholm
Sorbie Bornholm LP is a global investment firm that provides funding for ongoing business objectives to listed micro, small and mid-cap growth companies. We focus on equity investments in companies that are already listed and looking to expand – and on management teams with a clear growth strategy. Our extensive experience allows us to invest in most industries – and to focus on providing supportive, longer term capital that rewards company growth.
Since 2007, Sorbie Bornholm LP founder Greg Kofford has perfected the “Sorbie-Strategy”, utilizing a sharing agreement that supports management and rewards growth. This unique approach has now been used in over 40 secondary offerings – with many of those resulting in the companies receiving more cash than the original offering proceeds – without having to issue any additional shares.
Sorbie Bornholm’s core values drive who we are and how we invest. We are committed to developing long-term relationships with select listed public companies and their brokers & advisers. We focus on providing supportive, longer term capital that rewards growth. We invest to make a difference, to become a valued partner and to be a shareholder of choice. It’s important to us that we succeed together.
To see if the Sorbie-Strategy is right for your company, please contact Sorbie Bornholm:
Whitney Kofford, Managing Director
Phone: (801) 554-5889