finance news

Jericho Energy Ventures declares early exercise of purchase warrants

Jericho Energy Ventures declares early exercise of purchase warrants
Jericho Energy Ventures declares early exercise of purchase warrants
  • The exercise provided the company with gross earnings amounting to CAD$4.41 million.
  • The 3-year share purchase warrants were conceded in the month of June 2020.
  • The company is grateful for the consistent support of its major, long term investors, says Brian Williamson, the CEO of the company.
  • Williamson added that JEV is well-capitalized for advancing the commercialization of its hydrogen-based, zero-emissions, patented, and cleanH2steam Dynamic Combustion Chamber boiler solution.

Canada-based Jericho Energy Ventures has reportedly made an announcement regarding the early exercise of 33,990,303 share purchase warrants by the existing shareholders of the company, inclusive of insiders.

This has reportedly provided the firm with gross earnings amounting to CAD$4,414,739. These three-year share purchase warrants were given in the month of June 2020, cite sources close to the matter.

For the uninitiated, Jericho Energy Ventures focuses on the advancement of the low-carbon energy transition with investments in the areas of energy storage, hydrogen technologies, new energy systems, and carbon capture.

The wholly owned subsidiary of JEV, Hydrogen Technologies, provides zero-emission, patented, boiler technology to the industrial and commercial heat and steam industry, which has a valuation of $30 billion. In addition, Jericho Energy Ventures operates and owns the production of oil and gas assets in the U.S. Mid-Continent, especially in Oklahoma.

According to Brian Williamson, the CEO of Jericho Energy Ventures, the company is grateful for the consistent support of its major, long term investors who strongly support the hydrogen growth strategy. The CEO further stated that JEV is well-positioned and well-capitalized for accelerating the commercialization of its hydrogen-based, zero-emissions, patented, and cleanH2steam boiler system dubbed Dynamic Combustion Chamber solution.

This is at a crucial time when several steam intensive industries are centered on the decarbonization of their processes for meeting the rapidly progressing carbon emissions reduction policies and regulations at the global level, added Williamson.

Source credit: https://www.globenewswire.com/news-release/2021/05/03/2221317/0/en/Jericho-Energy-Ventures-Announces-Early-Exercise-of-Warrants-for-Proceeds-of-4-41-Million.html

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