/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES/
WINNIPEG, Nov. 30, 2011 /CNW/ - Donald Benson, Chairman and Chief
Executive Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today
announced the first closing of the Corporation's previously announced
private placement offering of flow-through units (the "Offering"). The
Corporation issued 1,500,000 flow-through units (the "Units") at a
price of $0.075 per Unit for gross proceeds of $112,500 to various
subscribers. Each Unit consisted of one Class A common share of the
Corporation issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (a "Flow-through Share") and one half of one Class A common
share purchase warrant (a "Warrant"). Each whole Warrant entitles the
holder thereof to purchase one regular Class A common share of the
Corporation at a price of $0.10 for a period of 18 months from the date
of issuance. The Flow-through Shares and Warrants will be restricted
from transfer for a period of four months and a day from the date
hereof in accordance with applicable securities laws.
A finder assisted the Corporation by introducing potential subscribers
for the Offering and received fees equal to 10% of the purchase price
of the Units sold to subscribers for the Offering introduced by that
finder as well as warrants ("Finder's Warrants") equal to of 10% of the
number of Units sold to subscribers for the Offering introduced by that
finder. Each Finder's Warrant entitles the holder thereof to purchase
one regular Class A common share of the Corporation at a price of $0.10
for a period of 18 months from the date of issuance.
The closing of the Offering is subject to the final approval of the TSX
About Nordic Oil and Gas Ltd.
Nordic Oil and Gas Ltd. is a junior oil and gas company engaged in the
exploration and development of oil, natural gas and Coal Bed Methane in
Alberta and Saskatchewan. The Corporation is listed on the TSX Venture
Exchange and trades under the symbol NOG. Nordic was one of the "2008
TSX Venture 50" companies, a ranking of the top 10 public venture
capital companies in five industry sectors listed on the TSX Venture
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of the contents of
this News Release.
This press release contains forward-looking statements with respect to
Nordic Oil and Gas Ltd. properties, and matters concerning the
business, operations, strategy, and financial performance of Nordic.
These statements generally can be identified by use of forward-looking
words such as "may", "will", "expect", "estimate", "anticipate",
"intends", "believe" or "continue" or the negative thereof or similar
variations. Such forward-looking statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations, including that the estimates and projections regarding
the properties are realized. Forward-looking statements are based on a
number of assumptions which may prove to be incorrect. Unless otherwise
stated, all forward looking statements speak only as of the date of
this press release and Nordic does not undertake any obligation to
update such statements except as required by law.
SOURCE Nordic Oil
For further information:
Don Bain, Corporate Secretary.
Nordic Oil and Gas Ltd.
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