Jericho Energy Ventures completes convertible debenture financing

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NEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / January 7, 2022 / Following its press release of December 20, 2021, Jericho Energy Ventures (TSXV: JEV) (Frankfurt: JLM0) (OTC: JROOF) (“Jericho” or “JEV” or the “Company”), is pleased to announce the closing of a non-middleman convertible debenture (the “Debentures” ) private placement financing (the “Offer”) at a price of CA $ 0.70 per Debenture for total gross proceeds of CA $ 5,703,567.90.

The principal amount of the Debentures will be payable thirty-six (36) months after the closing of the Offering. The debenture bears interest at the rate of 4% per annum from the first anniversary of the closing date. Debentures are not guaranteed. The principal amount of the debentures will be convertible at C $ 0.70 per common share; and any accrued and unpaid interest will be convertible at the market price per Common Share on the date of such interest conversion.

For each principal debenture of C $ 0.70, the Company also issued one warrant (each, a “warrant”), totaling 8,147,954 warrants. Each warrant entitles its holder to purchase one additional common share (each, a “warrant share”) at an exercise price of C $ 1.00 per warrant (the “exercise price”). ”) For a period of three years after the issuance of the debenture.

The net proceeds of the offering will be used for working capital and other growth initiatives. While the Company does not currently have any binding agreement to complete a transaction at this time, having funds available will allow it to be nimble as opportunities arise.

Jericho insiders purchased Cdn $ 1,485,980.10 of Debentures as part of the Offering (the “Insider Interest”). Insider participation is exempt from the assessment and minority shareholder approval requirements of Multilateral Instrument 61-101 on the Protection of Minority Security Holders in Special Transactions (“MI 61-101”) under exemptions contained in sections 5.5 (a) and 5.7 (1) (a) of NI 61-101 based on the fact that the fair market value of such insider interest does not exceed 25% of Jericho’s market capitalization.

Debentures and warrants are subject to a four month hold period under applicable securities laws in Canada and the rules of the TSX Venture Exchange (the “Exchange”). In connection with the offer, the Company will pay finder’s fees in cash, totaling C $ 55,512.48 and broker’s warrants totaling 79,303 warrants, each broker’s warrant entitling its holder to acquire one common share for a period of thirty-six months at a price per share of $ 1.00. The placement has received conditional approval from the Exchange and is subject to final approval.

The securities referred to in this document will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Jericho also announces that it has granted incentive stock options (the “Options”), in accordance with its stock option plan (the “Plan”), of 3,500,000 common shares. of the Company, to certain directors and officers of the Company. The options can be exercised at a price of C $ 0.50 for a period of up to 5 years.

About Jericho Energy Ventures

Jericho Energy Ventures (JEV) focuses on promoting the low carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems. a wholly owned subsidiary of JEV, Hydrogen technologies, provides patented zero-emission boiler technology to the $ 30 billion commercial and industrial heat and steam industry in addition to its investment in H2Uthe platform of low cost electrocatalysts and electrolyzers. JEV also owns and operates oil and gas production assets in the Mid-Continent, primarily Oklahoma.



Adam rabiner
Director of IR
Jericho Energy Ventures
[email protected]

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements which may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act. the United States. of 1995. These forward-looking information and forward-looking statements are not representative of historical facts or information or the current state of affairs, but represent only Jericho’s beliefs regarding future events, plans or objectives, many of which by their nature. nature, are inherently uncertain and beyond Jericho’s control. Generally, such forward-looking information or statements can be identified by the use of forward-looking terms such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, ” intended “,” believes “,” anticipates “,” intends “,” anticipates “or” does not anticipate “, or” believes “, or variations of these words and expressions or may contain statements that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will continue”, “will take place” or “will be achieved.” Although Jericho believes that the assumptions and factors used in the preparation of, and the expectations contained in, the forward-looking information and statements are reasonable, one should not place undue reliance on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements are will prove to be correct, as actual results and future events may t differ significantly from those anticipated in this information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information and statements which include, but are not limited to limit: the effects and risks associated with the ongoing COVID-19 pandemic, the impact of general economic conditions, industry conditions, and current and future commodity prices, including oil prices sustained lows, significant and continuing volatility in stock markets, exchange and interest rates, government regulation of the oil and gas industry, including environmental regulations; geological, technical and drilling problems; unforeseen operating events; competition and / or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain the required regulatory approvals; responsibilities inherent in oil and gas exploration, development and production operations; the liabilities inherent in Jericho’s low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems; this wholly owned subsidiary of Jericho, Hydrogen technologies, provide zero-emission boiler technology to the $ 30 billion commercial and industrial heat and steam industry; the performance of H2Uthe low cost electrocatalyst and electrolyzer platform and other factors described in our public documents available at Readers are cautioned that this list of risk factors should not be considered exhaustive. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Jericho does not undertake to update any forward-looking information and / or forward-looking statements that are contained or referenced in present, except in accordance with applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

THE SOURCE: Jericho Energy Ventures Inc.

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