DALLAS and CAESAREA, Israel, May
22, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ:ZN) announces its new Unit Option program under its
Dividend Reinvestment and Common Stock Purchase Plan
(DSPP).
"In anticipation of finally spudding our long-awaited
Megiddo-Jezreel #1 well, we are launching our new $250 Unit Option that enables potential investors
to quickly and easily play a part in Zion's mission for
Israel's energy independence,"
says Victor G. Carrillo, Zion's
CEO.
Starting today, May 22, 2017, and
ending July 12, 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 $250.00) is comprised of:
a) shares of ZN common stock
determined by dividing $250 by the
average of the high and low sale prices of the Company's common
stock on the Unit Purchase Date, and
b) 25 common stock purchase warrants. Each warrant (symbol
"ZNWAF") affords participants the opportunity to purchase one share
of ZN common stock at a warrant exercise price of $1.00.
The warrants will first become exercisable on August 14, 2017, the 31st day
following the Unit Option termination date (unless extended), and
continue to be exercisable through August
14, 2020 (three 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.
All references in the Original Prospectus Supplement, concerning
the Unit Option, continue, except for the substitution of the new
Unit Option terms and features above. All other Plan features,
conditions and terms remain unchanged.
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 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: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.