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| Home : Jericho Announces Closing of $6.547 Million Unit Private Placement, Kansas Oil Acquisition, Name and Symbol Change |
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Feb 28
2014 |
Jericho Announces Closing of $6.547 Million Unit Private Placement, Kansas Oil Acquisition, Name and Symbol Change |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 28, 2014) - Mr. Allen Wilson, President and CEO of Jericho Oil Corporation (formerly Dakar Resource Corp.) ("Jericho" or the "Company") (TSX VENTURE:JCO) announces that the Company has raised $6.547 million by way of a non-brokered private placement of 21,826,366 units (the "Units") at $0.30 per unit (the "Offering"). The Offering substantially exceeds the Company's original target of $5.0 million which was announced December 18, 2013. 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 $0.50 per share for two years from closing. The Offering is being sold in the exempt market and primarily to accredited investors in Canada and the U.S. Cash finder's fees of 7% ($95,200) have been paid on $1,360,000 of the funds raised on the Offering. All securities issued under the Offering are subject to a four month hold period expiring June 29, 2014. |
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| Source:http://www.marketwired.com/mw/release.do?id=1884081&sourceType=3 |
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