Jericho Oil (JCO.V) has raised C$6.93M in a private placement priced at C$0.40 per unit. Each unit consists of one common share of Jericho as well as ½ of a warrant with each warrant having a strike price of C$0.60, valid for two years.
It’s very encouraging to see Jericho being able to raise the cash to fund its two newest acquisitions which will push the attributable production rate to in excess of 300 barrels per day. The placement is fully subscribed and according to Adam Rabiner, Jericho’s director of corporate communications, the vast majority of the placement was bought by some private US-based investors, further indicating this company has a strong financial backing.
Go to Jericho’s website
The author holds a small long position in Jericho Oil. Please read the disclaimer
