News Release
Jericho Oil Closes First Tranche of $5.66 Million Financing
TULSA, OK, and VANCOUVER, BC, August 14, 2017 – Further to its news release dated Aug. 2, 2017, Jericho Oil Corporation (“Jericho”) (TSX-V: 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.
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 Relations
P: 918.986.7616
or
Adam Rabiner,
Director, Corporate Communications
P: 1.800.750.3520
investorrelations@jerichooil.com
