WINNIPEG, Sept. 12, 2011 /CNW/ - Donald Benson, President of Nordic Oil
and Gas Ltd. ("the Company" or Nordic"), today announced a new
non-brokered private placement offering (the "Offering") of up to
30,000,000 units ("Units") at a price of $0.075 per Unit for gross
proceeds of up to $2,250,000. Each Unit of the Offering will consist of
one Class A common share of the Company issued as a "flow-through
share" within the meaning of the Income Tax Act (Canada) and one-half of one Class A common share purchase warrant (a
"Warrant"). Each whole Warrant will entitle the holder thereof to
purchase one regular Class A common share of the Company at a price of
$0.10 per share for a period of 18 months from the date of issuance.
The securities issued pursuant to the Offering are subject to a
four-month hold period from the date of issuance. The Company
anticipates multiple closings of the Offering in the coming weeks.
Certain finders are expected to assist the Company by introducing
potential subscriber(s) to the Offering and, subject to compliance with
applicable legislation, will be entitled to receive fees equal to up to
10% of the purchase price of the Units sold pursuant to the Offering,
as well as compensation warrants (the "Finder's Warrants") equal to up
to 10% of the number of Units sold pursuant to the Offering. Each
Finder's Warrant shall entitle the holder thereof to purchase one
regular Class A common share of the Company at a price of $0.10 for a
period of 18 months from the date of issuance.
All terms of the Offering are subject to the approval of the TSX Venture
"It is our intention to use a large portion of the funds raised in this
Offering to undertake the drilling of our first exploration well on our
Weyburn/Bakken property in southeast Saskatchewan," Mr. Benson stated.
"We feel that our Weyburn/Bakken property should be our top priority at
this time and we would like to be in position to drill the first well
early in the fourth quarter of 2011."
Upon analyzing the seismic shot in the region, Nordic's geophysicist has
identified four potential drilling locations on the land. He notes that
in addition to the Bakken, the seismic also indicates that both the
Midale/Frobisher and Red River zones are prospective as well.
"The offsetting land in the area has been producing from the Midale zone
since 1991," Mr. Benson added.
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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