Jericho Oil Corporation has closed its non-brokered private placement of 17,323,610 units at $0.40 per Unit for gross proceeds of $6.929 million.
Each Unit is comprised of one common share and one half warrant. Each whole Warrant is exercisable into one additional Share at $0.60 per Share for two years from closing.
The Shares and Warrants are subject to a four month hold period from the date of closing. No finders' fees or commissions were paid in connection with the Offering.