Mr. Michael Graves, shareholder, reports
MICHAEL L. GRAVES, THROUGH AND ON BEHALF OF CATLETT SANDS-II, LLC
ANNOUNCES INVESTMENT IN JERICHO OIL CORPORATION
Michael L. Graves, through and on behalf of Catlett
Sands II LLC, on June 12, 2020, acquired by way of private placement control and direction over 8,473,200 units of Jericho Oil
Corp. at a price of 10 cents per unit for total consideration of $847,320
or $600,000 (U.S.) (based on the U.S.-to-Canadian-dollar exchange rate of 1.4122). The purchase price was $600,000 (U.S.) in
Each unit consists of one common share of the corporation and one
common share purchase warrant. Each whole warrant entitles the holder to
purchase one common share at a price of 13 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, Mr. Graves controls and has direction over
8,473,200 common shares and 8,473,200 warrants of the corporation held by Catlett Sands, and
20,178,197 common shares and 10,089,099 warrants held by Michael L. Graves Inter Vivos Trust, a
family trust of which Mr. Graves is a trustee, for a total of 28,651,397 common shares and 18,562,299
warrants, which represent approximately 16 per cent of the issued and outstanding common shares on a non-diluted basis, and approximately 23.9 per cent of common shares on a partially diluted basis. Prior to the
acquisition, Catlett Sands did not own, control or have direction over any securities of the corporation.
The units were acquired for investment purposes. Mr. Graves and/or Catlett Sands 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 Catlett Sands may participate in
future financings by the corporation, if any and if made available to Mr. Graves and/or Catlett Sands.
The head office of the corporation is located at Suite 2100, 1055 West Georgia St., Vancouver,
B.C., V6E 3P3.
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 Mr. Graves by contacting
Mr. Graves, Catlett Sands II LLC, 4880 South Lewis Ave., Suite 200, Tulsa, Okla., 74105, telephone: 918-293-1500.
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