Nordic Oil and Gas Ltd. Announces Closing of Private Placement Offerings



    /THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
    DISTRIBUTION TO U.S. NEWS WIRE SERVICES/

    WINNIPEG, March 28 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
closing of the Corporation's previously announced private placement offerings
of flow-through units and non flow-through units (the "Offerings"). At the
closing, the Corporation issued 1,333,118 flow-through units (the
"Flow-Through Units") at a price of $0.425 per Flow-Through Unit for gross
proceeds of $566,575.15 to various subscribers. Each Flow-Through 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 "Flow-Through Unit Warrant"). Each whole Flow-Through Unit Warrant
entitles the holder thereof to purchase one regular Class A common share of
the Corporation at a price of $0.65 for a period of two years from the date of
issuance.
    In addition, at the closing, the Corporation also issued 266,750 non
flow-through units (the "Non Flow-Through Units") at a price of $0.40 per Unit
for gross proceeds of $106,700 to various subscribers. Each Non Flow-Through
Unit consisted of one regular Class A common share of the Corporation (a
"Share") and one half of one Class A common share purchase warrant (a "Non
Flow-Through Unit Warrant"). Each whole Non Flow-Through Unit Warrant entitles
the holder thereof to purchase one regular Class A common share of the
Corporation at a price of $0.60 for a period of two years from the date of
issuance. The securities issued pursuant to the Offerings will be restricted
from transfer for a period of four months and a day from the date hereof in
accordance with applicable securities laws and the policies of the TSX Venture
Exchange.
    Certain finders assisted the Corporation by introducing potential
subscribers for the Offering and each finder received fees equal to 6% of the
purchase price of the Flow-Through Units and Non Flow-Through Units sold to
subscribers for the Offerings introduced by such finder as well as warrants
("Finder's Warrants") equal to 8% of the number of Flow-Through Units and
Units sold to subscribers for the Offerings introduced by such finder. Each
Finder's Warrant entitles the holder thereof to purchase one regular Class A
common share of the Corporation at a price of $0.60 for a period of 24 months
from the date of issuance.
    The closing of the Offerings are subject to the final approval of the TSX
Venture Exchange.

    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.

    The TSX Venture Exchange has not reviewed nor accepts responsibility for
    the adequacy or accuracy of the contents of this News Release.

    %SEDAR: 00015188E




For further information:

For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, e-mail:dbenson57@shaw.ca,
www.nordicoilandgas.com

Organization Profile

Nordic Oil & Gas Ltd.

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