Jericho Energy Ventures Closes Final Tranche of Oversubscribed Non-Brokered Private Placement Financing
Jericho Energy Ventures (JROOF) has completed the second and final tranche of its oversubscribed non-brokered private placement financing. The company issued 12,255,000 units at $0.10 per unit in the second tranche, raising gross proceeds of $1,225,500. The total gross proceeds from both tranches amounted to $2,024,500.
Each unit consists of one common share and one share purchase warrant, with each warrant allowing the purchase of one share at $0.20 for a two-year period. Two company insiders participated in the second tranche, acquiring 1,700,000 units. The securities are subject to a four-month hold period ending May 30, 2025. The net proceeds will be used for general working capital purposes.
Jericho Energy Ventures (JROOF) ha completato la seconda e ultima tranche della sua sottoscrizione privata non intermedia di finanziamento, che ha superato le aspettative. L’azienda ha emesso 12.255.000 unità a $0,10 per unità nella seconda tranche, raccogliendo compensi lordi di $1.225.500. I ricavi lordi totali di entrambe le tranche ammontano a $2.024.500.
Ogni unità consiste in un'azione ordinaria e un warrant di acquisto azionario, con ogni warrant che consente l'acquisto di un'azione a $0,20 per un periodo di due anni. Due insider dell'azienda hanno partecipato alla seconda tranche, acquisendo 1.700.000 unità. I titoli sono soggetti a un periodo di blocco di quattro mesi che termina il 30 maggio 2025. I proventi netti saranno utilizzati per scopi generali di capitale operativo.
Jericho Energy Ventures (JROOF) ha completado la segunda y última tranche de su financiación privada no mediada, que ha sido sobreeovalada. La compañía emitió 12.255.000 unidades a $0,10 por unidad en la segunda tranche, recaudando ingresos brutos de $1.225.500. Los ingresos brutos totales de ambas tranches ascienden a $2.024.500.
Cada unidad consiste en una acción común y un warrant de compra de acciones, con cada warrant permitiendo la compra de una acción a $0,20 durante un período de dos años. Dos personas relacionadas con la empresa participaron en la segunda tranche, adquiriendo 1.700.000 unidades. Los valores están sujetos a un periodo de retención de cuatro meses que finalizará el 30 de mayo de 2025. Los ingresos netos se utilizarán para fines generales de capital de trabajo.
Jericho Energy Ventures (JROOF)는 초과 청약된 비중개 개인 투자유치의 두 번째이자 마지막 트랜치를 완료했습니다. 회사는 두 번째 트랜치에서 12,255,000 유닛을 주당 $0.10에 발행하여 총 $1,225,500의 수익을 올렸습니다. 두 트랜치의 총 총수익은 $2,024,500에 달합니다.
각 유닛은 1개의 보통주와 1개의 매수청구권으로 구성되어 있으며, 각 청구권은 2년 동안 $0.20에 1주를 매수할 수 있도록 허용합니다. 두 명의 회사 내부자가 두 번째 트랜치에 참여하여 1,700,000 유닛을 매입했습니다. 증권은 2025년 5월 30일에 종료되는 4개월의 보유 기간에 따릅니다. 순수익은 일반 운영 자본 목적에 사용될 예정입니다.
Jericho Energy Ventures (JROOF) a complété la deuxième et dernière tranche de son placement privé non-intermédié, qui a été largement souscrit. La société a émis 12 255 000 unités à 0,10 $ par unité dans la deuxième tranche, levant ainsi des recettes brutes de 1 225 500 $. Les recettes brutes totales des deux tranches s'élèvent à 2 024 500 $.
Chaque unité se compose d'une action ordinaire et d'un bon de souscription, chaque bon permettant l'achat d'une action à 0,20 $ pendant une période de deux ans. Deux initiés de l'entreprise ont participé à la deuxième tranche, acquérant 1 700 000 unités. Les titres sont soumis à une période de détention de quatre mois se terminant le 30 mai 2025. Les produits nets seront utilisés à des fins générales de fonds de roulement.
Jericho Energy Ventures (JROOF) hat die zweite und letzte Tranche seiner überzeichneten, nicht vermittelten Privatplatzierungsfinanzierung abgeschlossen. Das Unternehmen hat 12.255.000 Einheiten zu einem Preis von $0,10 pro Einheit in der zweiten Tranche ausgegeben und dadurch brutto $1.225.500 eingeworben. Die gesamten Bruttoeinnahmen aus beiden Tranchen belaufen sich auf $2.024.500.
Jede Einheit besteht aus einer Stammaktie und einem Bezugsrecht zum Kauf von Aktien, wobei jedes Bezugsrecht den Kauf einer Aktie zum Preis von $0,20 über einen Zeitraum von zwei Jahren ermöglicht. Zwei Unternehmensinsider haben an der zweiten Tranche teilgenommen und 1.700.000 Einheiten erworben. Die Wertpapiere unterliegen einer viermonatigen Haltedauer, die am 30. Mai 2025 endet. Die Nettomittel werden für allgemeine Betriebsfonds verwendet.
- Successfully raised $2,024,500 in total gross proceeds
- Oversubscribed private placement indicates strong investor interest
- Insider participation demonstrates management confidence
- Warrants provide potential additional funding at $0.20 per share
- Dilution of existing shareholders through new share issuance
- Low unit price of $0.10 indicates potential undervaluation
PHILADELPHIA, PA and VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce the closing of the second and final tranche of its previously announced non-brokered private placement (the "Financing"). The Company issued 12,255,000 units (the "Units") at a price of
The total gross proceeds raised from the first and second tranches of the Financing amounted to
Each Unit consists of one common share (each, a "Share") and one share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of
All securities issued under the second tranche of the Financing are subject to a four month and one day hold period expiring on May 30, 2025, under applicable securities laws in Canada and the rules of the TSX Venture Exchange (the "Exchange"). The Financing remains subject to final approval of the Exchange.
Two insiders of Jericho acquired an aggregate 1,700,000 Units in the second tranche of the Financing (the "Insider Participation").
The Insider Participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions ("MI 61-101") by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that the fair market value of such Insider Participation does not exceed
Net proceeds from the Financing will be used for general working capital purposes.
The securities referred to herein 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.
About Jericho Energy Ventures
Jericho is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in California Catalysts (formerly H2U Technologies), a leading developer of advanced materials for electrolysis, and Supercritical Solutions, developing the world's first, high pressure, ultra-efficient electrolyzer. Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production.
Website: www.jerichoenergyventures.com
X: https://x.com/JerichoEV
LinkedIn: www.linkedin.com/company/jericho-energy-ventures
YouTube: www.youtube.com/c/JerichoEnergyVentures
CONTACT:
Adam Rabiner, Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
Email: investorrelations@jerichoenergyventures.com
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such 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. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur. Specifically, this news release contains forward-looking statements relating to, among others, the Company's ability to successfully complete the Financing, conditions to closing of the Financing, and the use of proceeds from the Financing.
Forward-looking 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 statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedarplus.ca.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, results of DCC™ feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The 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 statements that are contained or referenced herein, except as required by 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.
SOURCE: Jericho Energy Ventures, Inc.
View the original press release on ACCESS Newswire
FAQ
How much did Jericho Energy Ventures (JROOF) raise in its latest private placement?
What are the terms of JROOF's warrant offering in January 2025?
When does the hold period expire for JROOF's second tranche securities?
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What will JROOF use the private placement proceeds for?
