bad trend of paying bills with shares Continued today.
Interestingly at the end of the news release , they refer to a previous settlement of an interest payment ( that release is not on Stockhouse).
Here's that release , from the website for those who don't know about it.
Bee Vectoring Technologies Announces Interest Payment, Draw Down under Credit Agreement, RSU Issuance and Director Resignation
Mississauga, ON Canada and Sacramento, CA USA (March 15, 2024) – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) announces that it will be issuing 1,478,776 Common shares at a price of $0.0426 per Common share (the “Settlement Shares”), to settle a semi-annual interest payment due to Sorbie Bornholm LP pursuant to the issuance of 1,900 notes for gross proceeds of $1,900,000 from the private placement that closed on July 11, 2022 (the “Sorbie Private Placement”).
Pursuant to applicable Canadian securities laws, the Settlement Shares issued pursuant to the Sorbie Private Placement will be issued under prospectus exemptions and are not subject to any hold periods or resale restrictions. The issuance of the Settlement Shares is anticipated to occur on or about March 22, 2024.
The Company also announces that is has drawn down the 2nd 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 also announces that it has issued an aggregate of 250,000 restricted share units (the “RSUs“) to certain consultants pursuant to the Company’s shareholder approved restricted share unit plan (the “RSU Plan“). The RSUs vested on 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 March 12, 2024. The RSUs were awarded to two consultants who have agreed to restructure their compensation and receive RSUs in lieu of certain cash payments for future services.
Lastly, the Company announces that Mr. Jim Molyneaux has resigned from the Company’s board of directors effective March 6, 2024 for personal reasons. Mr. Molyneux has been with the Company since June 2015 and a valuable member of the board and audit committee. The Company wishes to thank Mr. Molyneaux for his experience and thoughtful insights over the course of his 9-year tenure and wishes him all the best in the future. Following Mr. Molyneaux’s departure, the Company advises that it is in the process of identifying a qualified replacement director and will make any necessary announcements in due course.