VANCOUVER, B.C. and KIBBUTZ YIFAT, ISRAEL , Nov. 18, 2024 (GLOBE NEWSWIRE) -- Beyond Oil Ltd. (CSE: BOIL) (OTCQB: BEOLF) (Frankfurt: UH9) (“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 it has recently received an aggregate of C$1,765,951.25 in proceeds from the exercise of warrants.
A total of 1,412,761 warrants were exercised at a price of C$1.25 per warrant. Investors exercised all Warrants from the private placement closed in October 2023, along with warrants held by Beyond Oil’s Canadian strategic partner, West Coast Reduction Ltd., from a private placement in January 2024. None of the Warrants were subject to acceleration obligations.
Jonathan Or, CEO of Beyond Oil, commented: “Beyond Oil continues to benefit from a strong, supportive shareholder base that shares our long-term vision of disrupting the global food oil industry. We are especially grateful to our Canadian strategic partner, West Coast Reduction, for its ongoing financial backing during this pivotal phase of our global expansion. There is no greater testament to our product and market potential than the financial investment from our distributors and end-user customers. Securing two strategic investments this year from our largest distributors—who are directly bringing our product to market—represents a strong vote of confidence in Beyond Oil and the momentum we are building in the industry.”
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 decreasing their costs. For more information, visit our website at: www.beyondoil.co.
About West Coast Reduction Ltd.
West Coast Reduction Ltd. (WCRL - www.wcrl.com) and its ReduxTM program (www.reduxprogram.com) provide a wide range of services essential to the efficient functioning of Western Canada’s agriculture and food, as well as bio-fuels sectors. For over five decades, WCRL has been a steadfast supporter of Canada's agriculture and food industries. WCRL diverts various components, including used restaurant oils, grease trap materials, pre-consumer food waste, animal by-products, and other food processing remnants, away from landfills. These materials are then transformed into valuable household items such as pet food, livestock feed, biofuels, cosmetics, and fertilizer through safe recycling processes. WCRL’s commitment is to repurpose by-products into resources benefiting consumers and businesses worldwide.
Over the years, the company’s focus has grown, and investment has been made in WCRL’s capacity and infrastructure to help meet increasing demand for animal fats, which have become an essential ingredient in the creation of next generation liquid biofuels. In addition to its rendering and fats operations, WCRL also plays a major role in Canada’s canola oil trade, storing and handling over 50% of Canada’s Asia-bound canola exports.
Forward-Looking Statements 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.
