Ready to prime/paint my pine, but how?

I am ready to start priming and painting my exterior pine boards that have not yet been installed. I have read to use BIN on the Knots, as well as a full coat of primer on all sides of the board before painting. My question is, which comes first? Do I spot prime my knots with BIN first, then prime with another product, then 2 coats of paint? Or do I prime the boards first, then spot prime the knots with BIN, then 2 coats of paint? Do I need 2 coats of primer? Or perhaps 2 coats of BIN and just one coat of primer?
Tell me the exact products you would use for this job and the order/method you would use.
The pine boards are a 1 grade lumber. 1" x 12" boards that will be used for board and batten in Ontario. We will be installing over 1" strapping for airflow. So should I prime the backs as well? I assume so.
Thanks for any help you can give!

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