Jericho Energy Ventures Inc. announced the non-brokered private placement of 7,692,307 units at a price of CAD 0.26 for gross proceeds of CAD 2,000,000 on March 7, 2023. The units will consist of one common share and one warrant, whereby each warrant will entitle the holder to purchase one share at a price of CAD 0.50 per share for a period of two years. The transaction will be led by insiders and existing shareholders of the company.

Closing of the transaction is subject to TSX Venture Exchange approval. The securities issued under the transaction will be subject to a four month hold period under applicable securities laws in Canada and the rules of the Exchange. The transaction is expected to close immediately following conditional approval of the Exchange, subject to customary closing conditions, including the final approval of the Exchange.

A finders' fee or broker's commission may be paid in connection with a portion of the transaction.