VANCOUVER, BC–(Marketwired – April 08, 2016) – Jericho Oil Corporation (“Jericho”) (TSX VENTURE: JCO)(OTC PINK: JROOF) announces that it has closed its non-brokered private placement (the “Offering”) of 1,625,000 units at a price of C$0.40 per unit for gross proceeds of $650,000.
Each unit is comprised of one common share (a “Share”) and one half warrant (a “Warrant”) with each full Warrant exercisable into one additional Share at a price of $0.60 per Share for a period of two years from closing. The Shares and Warrants are subject to a four month hold period from the date of the closing of the offering.
Haywood Securities Inc. will receive a finder’s fee of $6,160 and 15,400 warrants in the connection with the Offering. Proceeds of the Offering will be used for general corporate purposes.
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.