Jericho Oil Corporation (“Jericho”) (TSX-V: JCO, OTCQX: JROOF), is proceeding with a non-brokered private placement (the “Offering”) of approximately 17,323,610 units at a price of $0.40 per unit to raise total gross proceeds of approximately $6.929 million. Each unit will be 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 two years from closing.
Proceeds of the Offering will be used immediately towards the acquisition of producing wells and prospective acreage in central Oklahoma, outlined by the Company in news releases on October 19, 2015 and November 23, 2015.
No finders’ fees or commissions are being paid in connection with the Offering. Closing of the Offering is subject to final TSX Venture Exchange approval.
About Jericho Oil Corporation
Jericho is focused on growth through consistent, predictable and repeatable high margin conventional oil production by bringing new and proven technology to legacy, onshore basins in North America. For more information, please visit www.jerichooil.com.