Mississauga, ON Canada and Sacramento, CA USA (August 23, 2021) – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) today announced that it has mutually terminated the definitive agreement (the "Agreement") with Alumina Partners (Ontario) Ltd. ("Alumina") that secured a commitment for up to $6,000,000 CDN (Six Million Dollars) in a financing facility (the "Facility").
Pursuant to the Agreement, the Company successfully completed four separate draw downs from the Facility that totaled $1,148,106 during 2020.
“Alumina’s investment assisted BVT through the uncertainty created by the COVID-19 pandemic, and we are grateful of the Alumina’s partnership during this time,” said Ashish Malik, CEO of Bee Vectoring Technologies. “Our strong business fundamentals today, in addition to securing over $3.2 million through a private placement earlier this year further strengthened our Company’s balance sheet, and as a result, we have decided that now is an appropriate time to conclude this financial arrangement.” | |