/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES/
WINNIPEG, April 28 /CNW/ - Mr. Donald Benson, Chairman and Chief Executive Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the intention of the Corporation to undertake a private placement offering (the "Offering") of up to 1,000 units ("Units") at a price of $1,000 per Unit for gross proceeds of up to $1,000,000. Each Unit will be comprised of one 2 year 12% secured convertible debenture in the principal amount of $1,000 (a "Debenture") and 600 Class A common shares of the Issuer. The Debentures will have a term of two years and shall bear interest at a rate of 12% per annum. The Debentures may be converted at the option of the Debenture holders into Class A common shares of the Corporation at a price of $0.15 per share at any time after the issuance of the Debentures. The Debentures will rank pari passu with the existing debentures of the Corporation and pari passu with any subsequently issued debentures of the Corporation.
Certain persons will assist the Corporation by introducing potential subscribers for the Offering and will be paid a finder's fee of up to 7% of the total subscription proceeds received from subscribers introduced by each particular person. No broker warrants will be issued in connection with the Offering.
The proceeds of this Offering will be used for general corporate and working capital purposes.
All the terms of the Offering are subject to the 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. 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 Exchange.
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 & Gas Ltd.
For further information: For further information: Don Bain, Corporate Secretary, Nordic Oil and Gas Ltd., Tel. (204) 229-7751, Fax: (204) 943-1829, E-mail: firstname.lastname@example.org, www.nordicoilandgas.com