Beyond Oil Closes Non-Brokered Private Placement

Rhea-AI Summary

Beyond Oil (CSE:BOIL)(OTCQB:BEOLF) has successfully closed a non-brokered private placement, issuing 1,345,697 shares at C$1.50 per share, raising gross proceeds of C$2,018,551.83. The offering included investments from Fandango Collection & Recycling , the company's exclusive distributor in Israel, as well as from the Chief Technology Officer, employees, and existing shareholders. CEO Jonathan Or highlighted the financing's significant premium compared to a recent offering less than three months ago. The funds will be used for general corporate purposes, supporting Beyond Oil's strategic objectives in the food-tech industry. The company paid C$18,197.37 in finder's fees, and all issued shares are subject to a four-month plus one day hold period.

Positive

• Raised C$2,018,551.83 in gross proceeds through private placement
• Shares priced at C$1.50, a significant premium to recent financing
• Investment from key stakeholders including distributor, employees, and customers
• Strengthened financial position for strategic objectives and growth initiatives

Negative

• None.

VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / September 16, 2024 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company dedicated to reducing health risks associated with fried food while lowering operational costs, minimizing waste, and enhancing sustainability, is pleased to announce that, further to the news release dated August 30, 2024, it has closed its non-brokered private placement (the "Offering").

The Company issued 1,345,697 shares (each, a "Share") at a price of C$1.50 per Share, for gross proceeds of C$2,018,551.83.

Beyond Oil secured a lead order in the Offering from Fandango Collection & Recycling Ltd. ("Fandango"), its exclusive distributor in Israel, as well as investments from our Chief Technology Officer, Company employees and their families, existing shareholders, restaurant owners and personnel who use the Beyond Oil product.

Jonathan Or, CEO of Beyond Oil, comments: "We are pleased to have closed a financing at a significant premium to the recent financing that closed less than three months ago, and again, with investments from customers, our distributor in Israel and Company employees and their families. It is a great testament to our product when customers directly invest in the company and we are pleased to be creating value for all of our loyal investors."

This successful funding further positions Beyond Oil for its strategic objectives, contributing to its ongoing innovation and growth initiatives in the food-tech industry. The net proceeds raised from the Offering will be used for general corporate purposes.

The Company has paid finder's fees to eligible persons in connection with certain investments the Offering, comprised of aggregate cash payments of C$18,197.37. All Shares issued pursuant to the Offering are subject to a hold period of four months plus one day from the closing date.

About Beyond Oil Ltd.

Beyond Oil Ltd. is an innovative food tech company in the health sector, with over 15 years dedicated to game-changing solutions that mitigate cancer and cardiovascular risks in fried and processed foods consumed in our day-to-day lives. Beyond Oil provides a disruptive solution for food-processing and food-service companies striving to produce & serve healthier food, increase sustainability, while saving their costs. For more information, visit our website at: www.beyondoil.co.

Contacts
Jonathan Or
CEO of Beyond Oil
info@beyondoil.co

Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@beyondoil.co

Forward Looking Statement and Information

The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains "forward-looking statements" within the meaning of the securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will be issued as a result of a pending patent application or, if issued, whether it will be issued in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time at sedarplus.ca. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of third-party websites.

SOURCE: Beyond Oil Ltd.

View the original press release on accesswire.com

FAQ

How much did Beyond Oil (BEOLF) raise in its recent private placement?

Beyond Oil (BEOLF) raised gross proceeds of C$2,018,551.83 through its recent non-brokered private placement.

What was the share price for Beyond Oil's (BEOLF) private placement in September 2024?

The share price for Beyond Oil's (BEOLF) private placement in September 2024 was C$1.50 per share.

Who were the main investors in Beyond Oil's (BEOLF) recent private placement?

The main investors included Fandango Collection & Recycling (Beyond Oil's exclusive distributor in Israel), the company's Chief Technology Officer, employees and their families, existing shareholders, and restaurant owners who use Beyond Oil's product.

What will Beyond Oil (BEOLF) use the proceeds from the private placement for?

Beyond Oil (BEOLF) will use the net proceeds from the private placement for general corporate purposes, contributing to ongoing innovation and growth initiatives in the food-tech industry.