Jericho Oil To Raise $6.929 Million In Private Placement
Proceeds to be used for acquisition of producing wells and prospective acreage in central Oklahoma
VANCOUVER, BC, December 29, 2015 – 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.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho’s expectations include risks related to the exploration stage of Jericho’s project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Director, Investor Relations
Director, Corporate Communications