/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES/
WINNIPEG, Dec. 20 /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 units (the "Offering"). The Corporation issued 5,476,299 units
(the "Units") at a price of $0.30 per Unit for gross proceeds of $1,642,899.70
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 $0.40 for a period of two years 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 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 Units sold to subscribers for the Offering introduced by
such finder as well as warrants ("Finder's Warrants") equal to 8% of the
number of Units sold to subscribers for the Offering 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 $0.40 for a
period of 24 months from the date of issuance.
The closing of the Offering is subject to the final approval of the TSX
"We are pleased that we are able to close more than 50% of our Offering
at this time and we look forward to the final closing before the end of the
year," Mr. Benson stated.
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.
For further information:
For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, e-mail: firstname.lastname@example.org,