Business
Jericho Energy Ventures Closes Final Tranche of Oversubscribed Non-Brokered Private Placement Financing
PHILADELPHIA, PA and VANCOUVER, BC / ACCESS Newswire / January 29, 2025 / Jericho Energy...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Closes Final Tranche of Oversubscribed Non-Brokered Private Placement FinancingPHILADELPHIA, 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 $0.10 per unit in the second tranche of the Financing, generating gross proceeds of $1,225,500.The total gross proceeds raised from the first and second tranches of the Financing amounted to $2,024,500.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 $0.20 for a period of two years from closing.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 25% of Jericho's market capitalization.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 VenturesJericho 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, wi...