VANCOUVER, BC–(Marketwired – November 24, 2016) – Jericho Oil Corporation (“Jericho”) (TSX VENTURE: JCO) (OTC PINK: JROOF) announces that it has raised C$3,924,405 by way of a non-brokered private placement (the “Offering”) of 9,811,014 units (“Units”) at a price of C$0.40 per Unit. Each Unit is comprised of one common share (a “Share”) and one half warrant (a “Warrant”) with each full Warrant being exercisable into one additional Share at a price of $0.60 per Share for a period of 36 months from closing.
Two directors of Jericho participated in the financing, subscribing for 350,000 Units.
Proceeds from the Offering will be used for acquisitions which are primarily proven, developed and producing assets, the continued development of Jericho’s existing asset base in Oklahoma and working capital.
Conditional TSX Venture Exchange approval has been received for the Offering. All securities issued pursuant to the Offering are subject to a four month and one day hold period from the date of issuance.
About Jericho Oil Corporation
Jericho is a growth-oriented oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the Mid-Continent. For more information, please visit www.jerichooil.com.