Jericho Energy Ventures Announces Amendments to Convertible Debentures and Warrants Terms

Jericho Energy Ventures Inc. (Jericho), a diversified energy firm, has declared its intention to seek approval from the TSX Venture Exchange (TSXV) for alterations to the terms of its outstanding convertible debentures and share purchase warrants. The proposed amendments include a conversion price reduction for the debentures and extension of their maturity, along with adjustments to the exercise price of share purchase warrants previously issued alongside these debentures.

The debentures, with a total principal amount of CDN$5,703,568, and 8,147,954 related share purchase warrants were initially issued on January 7, 2022. The amendments aim to adjust the debenture's conversion price from CDN$0.70 to CDN$0.20 and extend their maturity by a year to January 7, 2026. Additionally, Jericho intends to alter the exercise price for 6,839,920 of the warrants from CDN$1.00 to CDN$0.25, adhering to TSXV policies restricting the repricing of a significant number of warrants held by insiders. Other terms will remain unchanged, pending TSXV approval.

Furthermore, Jericho has organized a shares for debt settlement to address CDN$89,891.74 in accrued interest on five of the Debentures, intending to issue 473,114 common shares at a deemed price of $0.19 to the debenture holders, who are not related to the company. This transaction also awaits TSXV approval and aligns with Canadian securities laws, necessitating a four-month holding period for the issued shares.