Jericho Energy closes $1.5M investment from Comstock

Jericho Energy Ventures Inc. (TSXV: JEV) completed a $1.5 million private placement with Comstock Holding Companies Inc. (NASDAQ: CHCI), the company announced February 23.

The financing consisted of 25,684,932 units priced at CAD$0.08 per unit. Each unit includes one variable voting share and half of one share purchase warrant. The warrants allow holders to purchase additional shares at $0.20 each within 24 months of issuance.

Securities issued under the financing are subject to a hold period expiring June 21, 2026. The financing received conditional approval from the TSX Venture Exchange and awaits final approval.

Comstock Chief Executive Officer Chris Clemente is expected to join Jericho's board of directors following final exchange approval.

The companies committed to establish a joint venture focused on acquiring and developing land around Jericho's existing energy assets in Oklahoma. The partnership aims to create a portfolio that integrates Jericho's subsurface energy infrastructure with surface land interests to support large-scale AI data center development.

Comstock is expected to contribute $6 million to the joint venture. The company will have the option to participate in a subsequent private placement financing to Jericho or cause an indirect capital contribution from the joint venture to be distributed to Jericho.

Jericho plans to use proceeds from the financing to accelerate development of its planned AI data center campus and related energy infrastructure in Oklahoma, as well as for general working capital needs.

The joint venture and related transactions remain subject to certain conditions, and completion is not assured.

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