VANCOUVER, BC--(Marketwired - April 08, 2016) - Jericho Oil Corp. ("Jericho") (TSX VENTURE: JCO)(OTC PINK: JROOF) announces that it has closed its non-brokered private placement (the "Offering") of 1,625,000 units at a price of C$0.40 per unit for gross proceeds of $650,000.
Each unit is comprised of one common share (a "Share") and one half warrant (a "Warrant") with each full Warrant exercisable into one additional Share at a price of $0.60 per Share for a period of two years from closing. The Shares and Warrants are subject to a four month hold period from the date of the closing of the offering.
Haywood Securities Inc. will receive a finder's fee of $6,160 and 15,400 warrants in the connection with the Offering. Proceeds of the Offering will be used for general corporate purposes.
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
CONTACTS: Tony Blancato Director, Investor Relations P: 604.343.2725
or
Adam Rabiner Director, Corporate Communications P: 604.343.4534 investorrelations@jerichooil.com
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