Jericho Energy Ventures Announces Early Exercise of Warrants for Proceeds of $4.41 Million
Jericho Energy Ventures (JROOF) has successfully raised CAD$4,414,739 by early exercising 33,990,303 share purchase warrants, which were granted in June 2020. CEO Brian Williamson expressed gratitude for the support from major investors, emphasizing the company's strong capital position to advance its hydrogen growth strategy. Jericho is focusing on commercializing its patented, zero-emissions cleanH2steam Dynamic Combustion Chamber™ technology, addressing the increasing demand for decarbonization in steam-intensive industries amid evolving global emissions regulations.
- Raised CAD$4,414,739 from early exercise of warrants, enhancing liquidity.
- Strong backing from major investors indicates confidence in hydrogen growth strategy.
- Well-capitalized to accelerate commercialization of patented hydrogen technology.
- None.
- Company Well Positioned to Facilitate Hydrogen Growth Strategy
NEWTOWN, Pa. and VANCOUVER, British Columbia, May 03, 2021 (GLOBE NEWSWIRE) -- Jericho Energy Ventures (TSXV: JEV; Frankfurt: JLM0; OTC: JROOF) (“Jericho” or “JEV” or the “Company”) is pleased to announce that existing shareholders, including insiders, have early exercised 33,990,303 share purchase warrants, providing the Company with gross proceeds of CAD
Brian Williamson, CEO of JEV, stated, “We are grateful for the continued support of our long term, major investors who strongly back our hydrogen growth strategy. We are well-capitalized and positioned to accelerate the commercialization of our patented, zero-emissions, hydrogen-based, cleanH2steam Dynamic Combustion Chamber™ boiler solution at a pivotal time when more and more steam intensive industries are focused on decarbonizing their processes to meet rapidly evolving carbon emissions regulations and reduction policies globally.”
About Jericho Energy Ventures
Jericho Energy Ventures (www.jerichoenergyventures.com) (JEV) is focused on advancing the low-carbon energy transition with investments in hydrogen technologies, energy storage, carbon capture and new energy systems. JEV’s wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission, boiler technology to the
CONTACT:
Adam Rabiner
Director of IR
Jericho Energy Ventures
604.343.4534
adam@jerichoenergyventures.com
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such 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: the effects of and risks associated with the ongoing COVID-19 pandemic, the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information and forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
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