/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"
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