Mr. Steven Hegna, investor, reports
STEVE AND METTE HEGNA
ANNOUNCE INVESTMENT IN JERICHO OIL CORPORATION
On June 12,
2020, Steven and Mette Hegna (together, the Hegnas) acquired, by way of private placement ownership, 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./Canadian-dollar exchange rate of
1.4122). The purchase price was $600,000 (U.S.) in cash.
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, the Hegnas own 21,878,756 common shares
and 10,504,123 warrants of the corporation, representing approximately 12.24 per cent of the issued and
outstanding common shares on a non-diluted basis, and approximately 17.1 per cent on a partially diluted
basis. Prior to the acquisition, the Hegnas owned 13,405,556 common shares and 2,030,923 warrants of
The units were acquired for investment purposes. The Hegnas 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. The Hegnas 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 Hegnas by contacting them at 4 Crescent Dr.,
Brielle, N.J., 08730, or by telephone at 908-231-1100.
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