TULSA, Okla., Sept. 06, 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 September 6, 2017, the Trust acquired (the “Acquisition”) by way of private placement control and direction over 11,792,453 units (“Units”) of Jericho Oil Corporation (the “Corporation”) at a price of CDN$0.48 per Unit for total consideration of CDN$5,660,377.44 or US$4,500,000 (based on the US$/CDN$ exchange rate of 0.795). The purchase price was US$4,500,000 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 for thirty-six (36) months from the date of the Acquisition.
The number of securities acquired represents approximately 10.37% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 14.78% of the Common Shares on a partially diluted basis. As of the date hereof, after giving effect to the Acquisition, the Trust controls and has direction over 20,178,197 Common Shares and 10,089,099 Warrants of the Corporation, representing approximately 17.74% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 24.44% Common Shares on a partially diluted basis. Prior to the Acquisition, the Trust held approximately 9.14% of the issued and outstanding Common Shares on a non-diluted basis and approximately 13.11% on a partially diluted basis, assuming exercise of Warrants held prior to the Acquisition.
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: