04:49 PM EDT, 05/21/2025 (MT Newswires) -- Beyond Oil ( BEOLF ) after close of trade Wednesday said it closed a $10.64 million brokered private placement of share units.

The offering, first announced on March 12, 2025, was led by Clal Insurance Company, a subsidiary of Clal Insurance Enterprises Holdings, one of Israel's largest institutional investors, and its subsidiaries, and an Israeli based investment fund.

The company issued a total of 3.04-million units priced at $3.49 each and made up of a share and one-half of a Series A two-year warrant to share at $6.00 per share and one-half of a three-year Series B Warrant, to buy a share at $7.75.

Proceeds will be used to expand and support the distribution of the company's frying-oil products.

"The successful completion of this strategic investment represents an important moment for Beyond Oil ( BEOLF )," said chief executive Jonathan Or. "Securing the backing of a major institutional investor like Clal not only validates our technology and business model but also provides us with further capital needed to accelerate our global expansion initiatives. This investment comes at a pivotal time as we continue to gain traction with major food service companies and distributors worldwide."

The company's shares closed down $0.07 to $3.11 on the Canadian Securities Exchange.