Jericho Oil Receives C$4.74 Million From Warrant Exercise
29 December 2017 - 5:30AM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF) is
pleased to announce that a total of 7,904,861 common share purchase
warrants (the "Warrants") have been exercised at $0.60 per common
share for total proceeds to the Company of $4,742,917. Insiders of
Jericho Oil exercised 4,229,861 warrants.
Additionally, Jericho Oil has arranged an equity financing with
three subscribers for proceeds of $2,270,968 through a non-brokered
private placement (the “Offering”) of 3,784,946 units (“Units”) at
a price of $0.60 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
$0.90 per Share for a period of 24 months from closing.
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. 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.
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.
CONTACTS:
Tony Blancato, Director, Investor Relations918.986.7616
or
Adam Rabiner, Director, Corporate
Communications1.800.750.3520investorrelations@jerichooil.com
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