Zion Oil & Gas Launches Simplified New Stock Unit Option Program
November 01 2016 - 6:15AM
Zion Oil & Gas, Inc. (NASDAQ:ZN) announces its new Unit Option
program under its Dividend Reinvestment and Common Stock Purchase
Plan (DSPP).
“We are excited to launch this new Unit Option Program, which if
successful, will enable us to begin drilling our long anticipated
Megiddo-Jezreel #1 well,” says Victor G. Carrillo, Zion’s CEO.
“This simple and streamlined process enables potential investors to
quickly and easily play a part in Zion’s mission for Israel’s
energy independence.”
Zion Oil & Gas described how past investors expressed how
simple it can be to purchase stock on their website. “Very easy,”
expressed Heather, an investor from Elmira Heights, New York. “So
grateful for another opportunity to invest in Israel’s future.”
An investor from Birmingham, Alabama, said, “It was a very
simple process. I completed it on my smart phone.” Just this
week, a commentor said, “Love the easy-invest website you make
available for those who wish to contribute. I also would like to
praise your team at the Dallas location. Every time I call for a
question or two... or three, they've been so helpful in so many
ways.”
Zion has seen how similar programs over the last few years have
brought in thousands of new investors without them having to use a
broker or other online financial institution.
“We are excited to offer this Stock Option Unit Program to those
investors who believe in supporting Israel and the vision of Zion
Oil & Gas. We believe that Zion’s ability to offer
investment opportunities, such as this Unit Option program, in ways
that appeal to our investment community helps investors who are
excited about participating in our project,” said Martin M. van
Brauman, Zion’s Senior Vice President and Corporate Treasurer.
Starting today, November 1, 2016, and ending
January 31, 2017 (unless extended at the company’s sole
discretion), Zion is offering this new Unit Option to purchase
Units of our securities where each Unit (priced at $10.00) is
comprised of seven (7) shares of Common Stock and seven (7) Common
Stock purchase warrants. Each warrant (symbol “ZNWAE”) affords
participants the opportunity to purchase one share of Common Stock
at a warrant exercise price of $1.00.
The warrants will first become exercisable on March 3, 2017, the
31st day following the Unit Option Termination Date (unless
extended), and continue to be exercisable through March 3, 2020 (3
years) at a per share exercise price of $1.00.
If the Company’s Common Stock closing price trades above $5.00
per share for 15 consecutive trading days at any time prior to the
warrant expiration date, Zion may provide a notice to warrant
holders of an early warrant termination within 60 days of the
notice. The Unit is priced at $10.00 per Unit and no change
will be made to the warrant exercise price of $1.00 per
share.
Zion is dedicated to exploring for oil and gas onshore Israel
and is 100% focused on its Megiddo-Jezreel License, a large area
south and west of the Sea of Galilee that includes the Jezreel and
Megiddo valleys. This license gives Zion the exclusive right to
explore in an area of approximately 99,000 acres that appears to
possess the key geologic ingredients of an active petroleum system
with significant exploration potential.
Zion plans to begin drill site construction in November which
should take approximately 45-60 days to complete. Upon drill
site completion, Zion intends to mobilize the rig to the location
to begin rig-up and acceptance testing. They plan to start
drilling their next deep exploratory well, the Megiddo-Jezreel #1,
as soon as possible thereafter, assuming sufficient capital is
raised.
A photo accompanying this announcement is available
at http://www.globenewswire.com/NewsRoom/AttachmentNg/94f0289a-c5d7-4773-a2ed-ffb080d34aaa
Zion Oil & Gas, Inc. has filed with the SEC a registration
statement (including a prospectus) for the unit program under the
DSPP to which this communication relates. That prospectus and other
documents the Company has filed with the SEC may be obtained at no
charge (free) by visiting EDGAR on the SEC website
at www.sec.gov. Alternatively, the Company will send you the
prospectus upon request by calling toll free 888-891-9466. Direct
links to the SEC location, or to the documents in PDF, may be found
on Zion’s home page at www.zionoil.com.
Contact:
Zion Oil & Gas, Inc.
12655 North Central Expressway, Suite 1000
Dallas, TX 75243
Andrew Summey:
Telephone: 214-221-4610
Email: invest@zionoil.com
www.zionoil.com
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