Jericho Energy Ventures Completes Initial Round of Private Placement Financing

Jericho Energy Ventures Inc. announced the closing of the first tranche of its non-brokered private placement, raising C$799,000 with the issuance of 7,990,000 units at C$0.10 per unit. Each unit includes one common share and one warrant, allowing the purchase of an additional share at C$0.20 within two years. The securities are subject to a hold period until May 16, 2025, pending final TSX Venture Exchange approval.

The company paid C$8,680 in cash finder's fees and issued 86,800 non-transferable finders' warrants with identical terms to the units' warrants. Additionally, an insider bought 1,000,000 units, exempt from certain regulatory requirements. The proceeds are designated for working capital. The next tranche of financing will close shortly.