Beyond Oil Announces Non-Brokered Private Placement

Rhea-AI Summary

Beyond Oil (CSE:BOIL, OTCQB:BEOLF), a food-tech innovation company, announced a non-brokered private placement of up to 2,380,952 units at C$1.05 per unit, targeting gross proceeds of up to C$2.5 million. Each unit includes one common share and one-half of a share purchase warrant, exercisable at C$1.75 per share for one year. The proceeds will be used for general corporate purposes. The offering may include a 6% commission in cash and warrants for eligible persons. Securities will have a four-month hold period and insider participation is capped at 15%. The offering is subject to customary closing conditions and necessary approvals.

Positive

• Targeting gross proceeds of up to C$2.5 million.
• Proceeds for general corporate purposes.

Negative

• Securities are subject to a four-month hold period.
• Offering not registered under the U.S. Securities Act.

VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / June 18, 2024 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company reducing health risks, extending the life of frying oil, reducing costs and waste, is pleased to announce that it intends to undertake a non-brokered private placement (the "Offering") of up to 2,380,952 units (each, a "Unit") at a purchase price of C$1.05 per Unit, for total gross proceeds of up to C$2.5 million.

Each Unit will be comprised of one common share (each, a "Share") in the capital of the Company and one-half of one share purchase warrant (each whole such share purchase warrant, a "Warrant"). Each Warrant will be exercisable for one Share (a " Warrant Share") at a price of C$1.75 per Warrant Share for a period of one year after the closing date.

The Company intends to use the net proceeds from the Offering for general corporate purposes.

In connection with the Offering, the Company may pay certain eligible persons a 6% cash commission and 6% in Warrants. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of closing in accordance with applicable securities laws. Insiders may participate in up to 15% of the Offering. The Offering is subject to customary closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the CSE.

The securities to be issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act.

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
+972-4-6548975
CEO and Co-founder
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

What is Beyond Oil's non-brokered private placement?

Beyond Oil announced a non-brokered private placement of up to 2,380,952 units at C$1.05 per unit, targeting gross proceeds of up to C$2.5 million.

What does each unit in Beyond Oil's private placement include?

Each unit includes one common share and one-half of a share purchase warrant, exercisable at C$1.75 per share for one year.

What is the purpose of Beyond Oil's private placement proceeds?

The proceeds from the private placement will be used for general corporate purposes.

What are the conditions and commissions associated with Beyond Oil's offering?

The offering may include a 6% commission in cash and warrants for eligible persons and is subject to a four-month hold period and necessary approvals.