Jericho Oil Corp. closed two non-brokered private placements for total gross proceeds of about CA$5.385 million, and issued about 13.464 million units priced at 40 cents Canadian each.
Each unit is comprised of one common share and one-half share purchase warrant, according to a Jan. 6 press release.
Proceeds from the offerings will support acquisitions, primarily of proven, developed and producing assets, and they will also support Jericho’s existing assets in Oklahoma and working capital.
Final TSX Venture Exchange approval has been received for the offerings. All securities are subject to a four-month, one-day hold period from the date of issuance.
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