TULSA, Okla., Aug. 14, 2017 (GLOBE NEWSWIRE) -- Michael L. Graves, through and on behalf of the Michael L. Graves Inter Vivos Trust (the “Trust”), a family trust of which Mr. Graves is the trustee, announces that on August 14, 2017, the Trust acquired (the “Acquisition”) by way of private placement control and direction over 8,385,744 units (“Units”) of Jericho Oil Corporation (the “Corporation”) at a price of CDN$0.45 per Unit for total consideration of CDN$3,773,585 or US$3,000,000 (based on the US$/CDN$ exchange rate of 0.795). The purchase price was US$3,000,000 in cash.
Each Unit consists of one common share of the Corporation (each a “Common Share”) and one half Common Share purchase warrant (each a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of CDN$0.60 per Common Share during the thirty-six (36) month period from the date of the completion of the Acquisition.
As of the date hereof, after giving effect to the Acquisition, the Trust controls and has direction over 8,385,744 Common Shares and 4,192,872 Warrants of the Corporation, representing approximately 9.36% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 13.41% Common Shares on a partially diluted basis. Prior to the Acquisition, the Trust did not own, control or have direction over any securities of the Corporation.
The Units were acquired for investment purposes. The Trust may acquire additional securities of the Corporation either on the open market or through private acquisitions or sell the securities either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. Mr. Graves and/or the Trust may participate in future financings by the Corporation, if any and if made available to Mr. Graves and the Trust.
The head office of the Corporation is located at Suite 350 - 750 W Pender Street, Vancouver, British Columbia, V6C 2T7.
An early warning report in respect of the above-noted transaction will be filed on SEDAR at www.sedar.com. A copy of the early warning report may be obtained from Mr. Graves by
contacting:
Michael L. Graves, as trustee of the Michael L. Graves Inter Vivos Trust
4880 S. Lewis Ave., Suite 200, Tulsa, OK., 74105
Telephone: 918-293-1500