Business
Beyond Oil Closes $2.5 Million Non-Brokered Private Placement with Lead Order from Fandango Collection & Recycling
A Total of C$2.5 Million Has Been Raised at C$1.05 per Unit VANCOUVER, BC AND KIBBUTZ YIFAT,...
About this update from Beyond Oil Ltd
[{"type":"text","content":"Beyond Oil Closes $2.5 Million Non-Brokered Private Placement with Lead Order from Fandango Collection & RecyclingA Total of C$2.5 Million Has Been Raised at C$1.05 per Unit VANCOUVER, BC AND KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / June 27, 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 June 18, 2024, it has closed its non-brokered private placement (the \"Offering\").The Company issued 2,380,952 units (each, a \"Unit\") at a price of C$1.05 per Unit, for gross proceeds of C$2.5 million. Each Unit is 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.Notably, Beyond Oil secured a lead order in the Offering from Fandango Collection & Recycling Ltd. (\"Fandango\"), its exclusive distributor in Israel. Furthermore, certain shareholders of Fandango and members of Fandango's senior management team have also participated in the Offering.On May 31, 2023, Beyond Oil announced in a news release the successful completion of a major milestone by fulfilling its initial purchase order from Fandango. This shipment was comprised of 16 tons of Beyond Oil's high-quality product to Fandango's facilities in Israel. The shipment was aimed to support ongoing customer demonstrations and to supply Beyond Oil's product to new customers across the country.Shai Medioni, CEO of Fandango, comments: \"Fandango Collection & Recycling has been selling Beyond Oil's disruptive product to restaurants across Israel for over a year and we are very pleased with the results. Our customers are delighted with the outcomes that this product is creating for their restaurants and their valued clients. Healthier and tastier food, less food waste and cost savings are generating a great deal of interest and support from the food service across Israel and we are confident to be on the forefront of what we believe will be...