SOURCE: Jericho Oil Corporation

Jericho Oil Corporation

August 14, 2017 12:59 ET

Jericho Oil Closes First Tranche of $5.66 Million Financing

TULSA, OK, and VANCOUVER, BC--(Marketwired - August 14, 2017) - Further to its news release dated Aug. 2, 2017, Jericho Oil Corporation ("Jericho") (TSX VENTURE: JCO) (OTC PINK: JROOF) has closed the first tranche of a non-brokered private placement (the "Offering") of 10,482180 units ("Units") at a price of C$0.45 per unit for gross proceeds of $4,716,981.

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 $0.60 per Share for a period of 36 months from closing. No finders' fees or commissions were paid in connection with the Offering.

Additional subscription proceeds of $943,396, which represent the second tranche of the Offering, are being held in trust pending TSX Venture Exchange clearance of a Personal Information Form submitted by the subscriber. Jericho will announce closing of the second tranche which will result in the issuance of an additional 2,096,436 Units.

Final TSX Venture Exchange approval has been received for the Offering. 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.

Contact Information

  • CONTACTS:
    Tony Blancato
    Director, Investor Relations
    P: 918.986.7616

    Adam Rabiner
    Director, Corporate Communications
    P: 1.800.750.3520
    investorrelations@jerichooil.com