JERICO ANNOUNCES COMPLETION OF SHARE SPRING AND PRIVATE PLACEMENT OF COMMON SHARES
TORONTO, ONTARIO, CANADA, March 21, 2022 /EINPresswire.com/ — Jerico Explorations Inc. (the “Company” or “Jerico”) is pleased to announce that it has completed a consolidation of the issued and outstanding common shares of the Company (each, an “ordinary share” and collectively, the “ordinary shares”) on the basis of 1 post-consolidation ordinary share for every 26.89 pre-consolidation ordinary shares (the “Consolidation”), as of March 21, 2021. The Consolidation was approved by the Board of Directors of the Company on March 7, 2022.
Prior to the combination, the Company had 62,698,999 common shares issued and outstanding. Following the combination, the Company has approximately 2,331,682 common shares issued and outstanding. Any fractional share remaining after the consolidation which is less than half of one (0.5) common share will be canceled and each fractional common share which is at least half of one (0.5) common share will be replaced by one (1) whole common share.
In addition, the Company is pleased to announce that following completion of the business combination, it intends to complete a non-brokered private placement of up to 10,000,000 common shares in the capital of the Company at a price of $0.02 per common share, for total gross proceeds up to $200,000.
The Company currently has no business or operation. The Company was previously engaged in oil and gas exploration and is currently engaged in identifying and evaluating suitable assets or businesses to acquire or merge, with a view to maximizing shareholder value.
On behalf of the Board of Directors
Chief Executive Officer and Chief Financial Officer
Phone. : 416 481-2222
Email: [email protected]
Forward-Looking Information and Cautions
This press release may contain forward-looking statements, including, but not limited to, comments regarding the timing of the Company’s annual meeting of shareholders. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in this statement.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise, or to explain any material differences between subsequent actual events and such forward-looking information, except as required by applicable law.
GARFINKLE BIDERMAN LLP
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