Beyond Oil Ltd. announced a non-brokered private placement of 1,600,000 units at an issue price of CAD 0.75 per unit for gross proceeds of CAD 1,200,000 on January 17, 2023. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of CAD 1 per share for a period of 12 months from the date of closing.

The transaction included participation from insiders of the company for CAD 420,000, Dani Itzhaki, Chairman of the company for CAD 220,000, Shany Touboul, Chief Financial Officer for CAD 75,000, Gad Penini, an independent director for CAD 125,000. In connection with the offering, the company paid certain eligible persons a cash commission in the aggregate of CAD 71,047.94. 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 customary closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the Canadian Stock Exchange.