Beyond Oil Announces Non-Brokered Private Placement
Company to Raise Up to US$2.0 Million in Unit Offering at C$0.75 per UnitVANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / October 6, 2023 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company …
Company to Raise Up to US$2.0 Million in Unit Offering at C$0.75 per Unit
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / October 6, 2023 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil, reducing costs, waste and health risks, is pleased to announce that it is undertaking a non-brokered private placement (the "Offering") of up to 3,600,000 units (each, a "Unit") at a purchase price of C$0.75 per Unit, for total gross proceeds of up to US$2.0 million. For the purposes of the Offering, the Company has set the Canadian - US exchange rate at C$1.35:US$1.00.
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$1.25 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.
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.
Product Highlights
Frying Oils Recovery: Extensive testing indicates that the Beyond Oil Product extends the usable life of frying oil, improves product quality, and reduces frying oil costs. As a preferential adsorbent, the product reduces and prevents the formation of harmful components such as Free Fatty Acids ("FFA"), Total Polar materials ("TPM"), acrylamide, polycyclic aromatic hydrocarbons ("PAHs"), trans fats, and other impurities, ensuring frying oil stays fresh and fried food tastes fantastic.
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Patent Protected: The Company also has a portfolio of registered and patent-pending solutions that extend the shelf-life of produced and used vegetable oils.
Potential Cost-Savings: One of Beyond Oil's unique value propositions is that it can dramatically lower costs for quick-service restaurants by significantly extending the useful life of the oil while meeting food quality and safety requirements. For more information on how the Beyond Oil Product extends the life of frying oil, see the Company's news release dated December 12, 2022.