BYND Cannasoft Enterprises (BCAN) Prices $1.5M Offering at $0.52/unit

BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) today announced that it has entered into definitive agreements in a registered direct offering with an institutional investor for the purchase and sale of approximately $1.5 million of Common Shares and investor warrants at a price of $0.52 per Common Unit.

The registered direct public offering consisted of the sale of 2,884,616 Common Units, each consisting of one (1) Common Share and one (1) Common Warrant to purchase one (1) Common Share per warrant at an exercise price of $0.52. The public offering price per Common Unit was $0.52. The Common Warrants are exercisable immediately and expire 60 months after the initial issuance date.

Aggregate gross proceeds to the Company are expected to be approximately $1.5 million. The transaction is expected to close on or about December 21, 2023, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.

Aegis Capital Corp. is acting as Exclusive Placement Agent for the offering. Louis A. Brilleman, P.C. is acting as counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.

The registered direct offering is being made pursuant to an effective shelf registration statement on Form F-3 (No. 333-272374) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on June 14, 2023. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at +1 (212) 813-1010.

Interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

There is no offering of any of the Company's securities by the placement agent in Canada.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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