TULSA, Oklahoma and VANCOUVER, British Columbia, Dec. 28, 2017 (GLOBE NEWSWIRE) -- 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.
Director, Investor Relations
Director, Corporate Communications
Source: Jericho Oil Corporation