VANCOUVER, BC–(Marketwired – January 06, 2017) – Further to news releases dated Nov. 25, 2016 and Dec. 23, 2016, Jericho Oil Corporation (“Jericho”) (TSX VENTURE: JCO) (OTC PINK: JROOF) announces that it has closed two non-brokered private placement financings (the “Offerings”) for total gross proceeds of C$5,385,756 and has issued 13,464,392 units (“Units”) at a price of $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.
Proceeds from the Offerings 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.
Final TSX Venture Exchange approval has been received for the Offerings. All securities issued pursuant to the Offerings 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.