Mr. Steven Hegna, investor, reports
STEVE AND METTE HEGNA
ANNOUNCE INVESTMENT IN JERICHO OIL CORPORATION
Jericho Oil Corp. shareholders Steven and Mette Hegna have invested in the company. On
Sept. 6, 2017, the pair acquired by way of private placement ownership over
1,965,409 units of Jericho Oil at a price of 48 cents per
unit for total consideration of $943,396.23 (or $750,000 (U.S.) based on the USD/CAD exchange
rate of 0.795). The purchase price was $750,000 (U.S.) in cash.
Each unit consists of one common share of the corporation and one-half
common share purchase warrant. Each whole warrant entitles the holder to
purchase one common share at a price of 60 cents per common share during the 36-month period from the date of the completion of the acquisition.
As of the date hereof, after giving effect to the acquisition, the pair own 11,669,445 common shares
and 5,731,223 warrants of the corporation, representing approximately 10.26 per cent of the issued and
outstanding common shares on a non-diluted basis, and approximately 14.56 per cent on a partially diluted
basis. Prior to the acquisition, the pair owned 9,704,036 common shares and 4,748,518 warrants of
The units were acquired for investment purposes. The pair 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 or plans and/or other relevant factors. They may participate in future financings by the corporation, if any and if made available to them.
An early warning report in respect of the above-noted transaction will be filed on SEDAR. A copy of the early warning report may be obtained from the investors by contacting:
Steven and Mette Hegna,
39 East Churchville Rd.,
Bel Air, Md., 21014.
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