Bee Vectoring Technologies Closes Debt Settlement, Makes Draw Down under Credit Agreement and Issues RSUs
(via TheNewswire)
Mississauga, ON Canada and Sacramento, CA USA (May 1, 2024)TheNewswire–Bee Vectoring Technologies International Inc. (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 and issued 11,037,485 Common shares at a price of $0.035 per Common share (the “Settlement Shares”), to fully settle outstanding debts owed to a creditor (the “Creditor”) in the amount of $386,312.
All securities issued pursuant to the debt settlement are 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 the 3rd tranche of $100,000 in secured promissory notes (the “Notes”) from the previously announced Loan Agreement dated December 11, 2023 and it has issued 2,600,000 Common shares at a price of $0.05 per Common share. The conversion of the Notes into Common shares included a 10% repayment penalty fee and a 20% facilitation fee payable to the noteholders. The Common shares issued in satisfaction of 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 3,539,625 restricted share units (the “RSUs”) to employees and consultants pursuant to the Company’s restricted share unit plan (the “RSU Plan”). A portion of the RSUs will vest immediately with the remaining RSUs vesting four months from the date of issuance. Each RSU shall entitle the holder thereof to acquire one common share of the Company by delivering a notice of acquisition to the Company in accordance with the 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. The RSUs were awarded to employees and consultants who have agreed to restructure their compensation and receive RSUs in lieu of certain cash payments for future services. All of the noted RSUs remain subject to the Company receiving shareholder approval of its RSU plan at its annual general and special meeting which is being re-scheduled for early July 2024.