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Beyond Oil Announces Closing of $1.2 Million Non-Brokered Private Placement and Appointment of New Director
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / March 2, 2023 / Beyond Oil Ltd. ( CSE...
About this update from Beyond Oil Ltd
[{"type":"text","content":"Beyond Oil Announces Closing of $1.2 Million Non-Brokered Private Placement and Appointment of New DirectorVANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / March 2, 2023 / Beyond Oil Ltd. (CSE:BOIL) (\"Beyond Oil\" or the \"Company\"), a food-tech innovation company extending the life of frying oil, reducing costs and waste, is pleased to announce that, further to its news release dated January 17, 2023 and driven by investor demand and insider participation, it has closed a non-brokered private placement (the \"Offering\") of 1,600,000 units (each, a \"Unit\") at a purchase price of $0.75 per Unit, for total gross proceeds of $1.2 million.Each Unit consists of one common share in the capital of the Company (a \"Common Share\") and one-half of one Common Share purchase warrant (each full warrant, a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $1.00 for a period of 12 months from the date of closing.The net proceeds from the Offering are to be used for general corporate purposes and working capital, in accordance with the policies of the Canadian Securities Exchange (\"CSE\").Beyond Oil is pleased to announce that there was significant support and participation from insiders of the Company in the Offering, being an aggregate of $420,000, or 35% of the gross proceeds raised. Beyond Oil's Chairman, Dani Itzhaki, invested $220,000; Shany Touboul, CFO, invested $75,000; and Dr. Gad Penini, an independent director, invested $125,000.\"The significant support from our insiders in this Offering, which was priced above our current trading price, is a strong testament to the conviction that our team has in our company, our product, and our future,\" said Jonathan Or, CEO and Co-founder of Beyond Oil. \"This Offering positions us well as we continue to scale, optimize processes, and increase our production capacity. We are eager to realize the demand of our proprietary product by helping more customers save on frying oil costs while cooking healthier food for the public and reducing waste for the environment.\"No finders' fees were paid in connection with the Offering. 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. The Offering is subject to c...