Post by Ethan / JRyan on Sept 27, 2018 8:45:00 GMT -5
Item 8.01 Other Events.
On August 21, 2018, Zion Oil & Gas, Inc. (the “Company”) filed with the Securities and Exchange Commission (the “SEC”) Amendment No. 4 ( the “Amendment”) to the prospectus supplement dated as of March 10, 2017 and accompanying base prospectus dated February 23, 2017 (collectively, the “Prospectus”) relating to the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan” or “DSPP”). The Prospectus forms a part of the Company’s Registration Statement on Form S-3 (File No. 333-216191), as amended, which was declared effective by the SEC on March 10, 2017 (the “Registration Statement”).
Unit Option Results under the Unit Program
On September 26, 2018, the Company completed its previously announced Unit Option Program under Amendment No. 4. The Unit Option Program enabled participants to purchase Units of our securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common Stock determined by dividing the per Unit price of $250.00 by the average of the high and low sale prices of the Company’s publicly traded common stock as reported on the NASDAQ on the date on which the Unit is purchased or the Unit Purchase Date under the Plan, and (ii) Common Stock purchase warrants to purchase an additional twenty-five (25) shares of Common Stock at an exercise price of $1.00, which are exercisable through October 29, 2019.
The gross proceeds from the Unit Option Program of approximately $5.3 million will be used by the Company to further its production testing in the MJ #1 well and as otherwise provided in the Prospectus.
Item 9.01 Financial Statements and Exhibits.
On August 21, 2018, Zion Oil & Gas, Inc. (the “Company”) filed with the Securities and Exchange Commission (the “SEC”) Amendment No. 4 ( the “Amendment”) to the prospectus supplement dated as of March 10, 2017 and accompanying base prospectus dated February 23, 2017 (collectively, the “Prospectus”) relating to the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan” or “DSPP”). The Prospectus forms a part of the Company’s Registration Statement on Form S-3 (File No. 333-216191), as amended, which was declared effective by the SEC on March 10, 2017 (the “Registration Statement”).
Unit Option Results under the Unit Program
On September 26, 2018, the Company completed its previously announced Unit Option Program under Amendment No. 4. The Unit Option Program enabled participants to purchase Units of our securities where each Unit (priced at $250.00 each) was comprised of (i) a certain number of shares of Common Stock determined by dividing the per Unit price of $250.00 by the average of the high and low sale prices of the Company’s publicly traded common stock as reported on the NASDAQ on the date on which the Unit is purchased or the Unit Purchase Date under the Plan, and (ii) Common Stock purchase warrants to purchase an additional twenty-five (25) shares of Common Stock at an exercise price of $1.00, which are exercisable through October 29, 2019.
The gross proceeds from the Unit Option Program of approximately $5.3 million will be used by the Company to further its production testing in the MJ #1 well and as otherwise provided in the Prospectus.
Item 9.01 Financial Statements and Exhibits.
www.sec.gov/Archives/edgar/data/1131312/000121390018013076/f8k092718_zionoilandgas.htm