/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Oct. 9, 2014 /CNW/ - Mr. Allen Wilson, President and CEO of Jericho Oil Corporation ("Jericho" or the "Company") announces that the Company has raised $4,230,517 by way of a non-brokered private placement of 8,461,036 units (the "Units") at $0.50 per unit (the "Offering") to finance ongoing drilling, exploration and development of Jericho's producing lease acreage in the State of Kansas. Proceeds of the Offering may also be used to acquire additional lease acreage. Each unit is comprised of one common share and one half warrant (a "Warrant") with each whole Warrant being exercisable into one common share at $0.75 per share for two years from closing.
All subscribers of the Offering are existing shareholders of Jericho. No finders' fees or commissions are being paid in connection with the Offering.
Application has been made for TSX Venture Exchange ("TSXV") approval and proceeds of the Offering are being held in trust pending final approval of the TSXV.
The Offering will not result in a change of control of the Company. Closing of the Offering is subject to approval of the TSXV. The Shares and Warrants being issued under the Offering will be subject to a four month hold period.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
ON BEHALF OF THE BOARD
Allen Wilson, President, C.E.O. and Director
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 Dakar's expectations include risks related to the exploration stage of Dakar'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.
SOURCE: Jericho Oil Corporation