Jericho Energy Ventures (TSXV:JEV) Announces Letter of Intent with Comstock Holding Companies (Nasdaq:CHCI) to Advance AI Data Center Campus Development Leveraging Its Energy Infrastructure; Comstock to Invest USD$1.5 Million in Private Placement

Executive Summary

• Jericho Energy Ventures entered a Letter of Intent with Comstock Holding Companies to form a joint venture focused on acquiring and developing land around Jericho’s Oklahoma energy assets.
• Comstock will invest USD $1.5 million in a private placement of 25,684,932 units at CAD $0.08 per unit; the JV may receive an additional USD $6 million equity contribution from Comstock.
• Net proceeds will be used to accelerate development of Jericho’s flagship AI data‑center campus and related energy infrastructure, with Comstock’s CEO slated to join Jericho’s board pending exchange approval.

Key Details

• Financing Structure: Private placement of 25,684,932 units at CAD $0.08 per unit (gross proceeds USD $1.5 M).
• Unit Composition: Each unit = 1 variable voting share + ½ share purchase warrant; two warrants allow purchase of one variable voting share at CAD $0.20 exercise price, exercisable for 24 months.
• Potential Upside: Company may offer up to an additional 20,000,000 units on the same terms if investor demand materializes.
• Use of Proceeds: Accelerate development of AI data‑center campus and related energy‑infrastructure in Oklahoma; general working capital.
• Joint Venture Funding: Comstock expected to contribute USD $6 M into the newly formed JV; may participate in a subsequent private placement or cause indirect capital contributions to be distributed to Jericho.
• Board Appointment: Comstock CEO Chris Clemente will join Jericho’s board of directors upon Exchange approval.
• Closing Conditions: Subject to negotiation of definitive terms, TSX Venture Exchange approval, and a four‑month hold period on the securities; no finder’s fees or broker commissions payable.
• Regulatory Notes: Securities not registered under U.S. securities laws; offering limited to jurisdictions where exemption applies.

Notable Quotes

• Brian Williamson, CEO – Jericho Energy Ventures: “We are pleased to welcome Comstock… Their investment validates the quality of our energy assets and our strategy to develop premier AI data center campuses integrated within our robust Oklahoma energy infrastructure.”
• Chris Clemente, CEO – Comstock Holding Companies: “We are excited to collaborate with Brian Williamson and the Jericho team. … creating significant value for all stakeholders.”