Bee Vectoring Technologies secures financing with Alumina Partners Ltd.

22.05.2020

Bee Vectoring Technologies International Inc. (BVT) has entered into a definitive agreement with Alumina Partners (Ontario) Ltd. that secures a commitment of up to CDN$6 million in an at-will financing facility.

The agreement enables BVT to continue its growth strategy to bring its natural precision agricultural technology to market while maintaining financial flexibility and freedom.

Alumina Partners is a New York-based private equity firm. Pursuant to the terms of the agreement, the company has the right to draw down from the facility for a period of 36 months in equity private placement tranches of up to $500,000. Each tranche will be at the sole discretion of BVT and can occur at any time upon the company giving notice to Alumina.

“Alumina looks forward to helping BVT accelerate their plans to progress deployment and further development of their natural precision agriculture system,” said Adi Nahmani, managing member of Alumina Partners. “We have been very impressed by the elegance of the company’s strategy. Using bees to deliver targeted micro-doses of natural pest and disease control agents can potentially change the face of modern agriculture.”

According to BVT chairman Michael Collinson, BVT made major accomplishments in 2019. “We transitioned from being an R&D company to a commercial enterprise with EPA approval and increasing sales from growers in multiple crops,” he said. “We have been able to secure a significant financing arrangement, even in these uncertain times of the COVID-19 pandemic. That speaks volumes for the strength of BVT’s fundamentals, including its vast global market opportunity, the ability of its experienced management team to execute the business plan, an extensive worldwide patent portfolio and strong agriculture industry relationships with both partners and growers. It’s an exciting time to be a part of the BVT community.”

More information:
www.beevt.com

 

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