On July 11, 2022, Bee Vectoring Technologies International Inc. closed a non-brokered private placement of units and unsecured convertible notes to Sorbie Bornholm LP, an institutional investor, for gross proceeds of $3.8 million.
Concurrent with the closing of the private placement, Bee Vectoring entered into certain hedging arrangements with Sorbie governed by an ISDA Master Agreement and a sharing agreement. Pursuant to the terms of the sharing agreement, the gross proceeds of the Sorbie private placement were used to acquire UK government bonds as credit support to secure Bee Vectoring’s maximum potential exposure under the sharing agreement, with Sorbie retaining control and direction of such proceeds until they are released back to Bee Vectoring in accordance with the terms of the sharing agreement.
Cassels acted for Bee Vectoring.