Jericho Energy Ventures Closes Second Tranche of Private Placement, Raising $1.2 Million
Philadelphia, PA and Vancouver, BC – Jericho Energy Ventures Inc. (JEV) is thrilled to share that it has successfully completed the second and final tranche of its non-brokered private placement, bringing in a total of $1.2 million in gross proceeds.
Details of the Financing
In the second tranche, the Company issued 12,255,000 Units at a price of $0.10 per unit. Each Unit consists of one common share and one-half of one non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.15 for a period of three years from the closing date.
Impact on Jericho Energy Ventures
The successful closing of this financing round will significantly contribute to the Company’s ongoing operations. The funds will be used for various purposes, including exploration and development activities, working capital, and general corporate purposes. This financial boost will allow Jericho Energy Ventures to continue its mission of discovering and developing innovative energy solutions.
Global Implications
Beyond the positive impact on Jericho Energy Ventures, this financing round could have broader implications for the energy sector as a whole. With increasing global focus on reducing carbon emissions and transitioning to renewable energy sources, companies like Jericho Energy Ventures that are dedicated to energy innovation are becoming more important. The success of this financing round could encourage further investment in the sector and contribute to the development of new, cleaner energy technologies.
Conclusion
Jericho Energy Ventures’ successful closing of the second tranche of its private placement represents a significant milestone for the Company. With $1.2 million in new funds, Jericho Energy Ventures can continue its mission of discovering and developing innovative energy solutions. Furthermore, the financing round’s success could have positive implications for the energy sector as a whole, encouraging further investment and the development of new, cleaner energy technologies.
- Jericho Energy Ventures raises $1.2 million in second tranche of private placement
- Funds will be used for exploration, development, working capital, and general corporate purposes
- Success could encourage further investment in the energy sector
