Jericho Energy Ventures Completes $2.23 Million Insider-Led Financing

Jericho Energy Ventures Inc., a company engaged in both traditional hydrocarbon assets and low-carbon energy solutions, has successfully completed a $2.23 million private placement financing. The announcement, made on March 6, 2024, confirms the close of the financing round initiated on February 9, involving the sale of 11,141,900 units at $0.20 each. These units include common shares and warrants, with the warrants allowing purchase of additional shares at $0.24 within a two-year span. Notably, insiders and existing shareholders led this non-brokered financing.

The company disclosed that insiders acquired 3,364,500 units, a transaction exempt from certain regulatory requirements due to its size relative to the company's market capitalization. Furthermore, Jericho awarded finder's fees and issued broker warrants as part of the financing arrangement. All securities issued are subject to a four-month holding period, with final TSX Venture Exchange approval pending. Proceeds from the financing are earmarked for general corporate purposes, supporting Jericho’s operations and development in both its traditional and low-carbon energy ventures.