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Jericho Energy Ventures Arranges $6 Million Convertible Debenture Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Arranges $6 Million Convertible Debenture FinancingNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESNEWTOWN, PA and VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / Jericho Energy Ventures (TSXV:JEV)(FSE:JLM0)(OTC PINK:JROOF) (\"Jericho\" or \"JEV\" or the \"Company\") announces that it intends to raise approximately CAD$6 Million through non-brokered convertible debentures (the \"Debentures\") private placement financing (the \"Offering\"), to be led by existing shareholders of the Company.The principal amount of the Debentures shall be payable thirty-six (36) months after the closing of the Offering. The Debenture shall bear interest at 4% per annum, commencing on the first anniversary of the closing date. The Debentures shall be unsecured. The principal amount of the Debentures shall be convertible at CAD$0.70 per common share; and any accrued and unpaid interest shall be convertible at the market price per Common Share on the date of any such conversion of interest.For each principal Debenture amount of CAD$0.70, the Company shall also issue one share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one additional common share (each, a \"Warrant Share\") at an exercise price of CAD$1.00 per Warrant (the \"Exercise Price\") for a period of three years after issuance of the Debenture.Net proceeds from the Offering will be used for working capital as well as other growth-focused initiatives. While the Company does not currently have any binding agreements to enter into any transaction at this time, having funds available will allow it to be agile as opportunities may arise.A finders' fee or broker's commission may be paid in connection with the Offering. Closing of the Offering is subject to TSX Venture Exchange (the \"Exchange\") approval. The Debentures and Warrants will be subject to a four month hold period under applicable securities laws in Canada and the rules of the Exchange. The Offering is expected to close immediately following conditional approval of the Exchange, subject to customary closing conditions, including the final approval of the Exchange.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 sol...