Mooncor announces non-brokered $1.2 million flow-through and unit financing



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    MOO:TSX Venture Exchange
    

    CALGARY, Jan. 28 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") announced
today, that it intends to complete a non-brokered private placement financing
pursuant to which Mooncor proposes to raise gross proceeds of up to $1,200,000
through the issuance of common shares, issued on a flow-through basis, ("FT
Shares") at a price of $0.25 per FT Share and common share units ("Units") at
a price of $0.20 per Unit. Each Unit is to consist of one common share in the
capital of Mooncor and one-half of one common share purchase warrant
("Warrant"). Each whole Warrant shall entitle the holder thereof to acquire
one common share in the capital of Mooncor at an exercise price of $0.35 per
share for a period of two years following the closing of the financing. Each
flow-through common share will qualify as a "flow-through share" for the
purposes of the Income Tax Act (Canada). All securities issued pursuant to the
financing will be subject to a four-month hold period.
    Finders fees may be payable to eligible persons with respect to the
financing and will be subject to regulatory approval.
    The net proceeds will be used by Mooncor for exploration on its oil and
gas properties and for working capital.

    Business of Mooncor Oil & Gas Corp.

    Mooncor (through its wholly owned operating subsidiary Mooncor Energy
Inc.) is a junior oil and gas exploration and development company, with
unconventional shale gas, light oil and heavy oil projects in Saskatchewan,
Alberta and South Western Ontario. Mooncor is focusing on both its shale gas
opportunities and its oil operations with current emphasis on its recent shale
gas acquisition in Alberta.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.
    




For further information:

For further information: Richard Cohen, Vice-President (Corporate
Development), Mooncor Oil and Gas Corp., Tel: (905) 882-4422,
rcohen@mooncor.com; Jason Monaco, First Canadian Capital Corp., Tel: (416)
742-5600, jmonaco@firstcanadiancapital.com

Organization Profile

Mooncor Oil and Gas Corp.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890