Jericho Oil (JCO.V) has finally decided to bite the bullet and will complete a 12.6M unit placement at C$0.45 to raise C$5.66M (before expenses). Each unit will consist of one common share of Jericho Oil and half a warrant which will allow every warrant holder to acquire an additional share at C$0.60 for a period of three years after the closing date of the placement.
The funds will primarily be used to exercise the option to acquire the remaining 25% working interest of the Postrock asset in Oklahoma, which will immediately boost the company’s attributable production rates and PV10 value.
Go to Jericho’s website
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