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MOO:TSX Venture Exchange
CALGARY, Sept. 23 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") is pleased to announce that it has completed the first tranche of its non-brokered private placement financing by issuing 3,470,000 common share units ("Units") at a price of $0.30 per Unit for aggregate gross proceeds of $1,041,000. Each Unit consists of one common share ("Common Share") in the capital of Mooncor and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.45 per share until September 23, 2011. All securities issued pursuant to the financing are subject to a four-month hold period.
The net proceeds will be used by Mooncor for working capital.
Including the issuance of shares detailed in this news release, there are currently 95,354,576 Common Shares issued and outstanding.
In connection with the financing, Mooncor paid cash commissions equal to 10% ($83,280) of the aggregate gross proceeds of the financing, and issued compensation warrants to purchase that number of Units as is equal to 10% (347,000) of the number of Units sold pursuant to the financing, at an exercise price of $0.30 per Unit exercisable until September 23, 2011. Receiving brokers included Wellington West Capital Inc., PowerOne Capital Markets Limited, Haywood Securities Inc., Granite Associates Ltd., TD Waterhouse Canada Inc. and Canaccord Capital Corporation.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. 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 its shale gas opportunities with a current emphasis on the high impact proven shale gas play in the Western Canadian Sedimentary Basin.
Neither 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 this release.
SOURCE Mooncor Oil and Gas Corp.
For further information: For further information: Richard Cohen, Vice-President (Corporate Development), Mooncor Oil & Gas Corp., Tel: (905) 882-4422, firstname.lastname@example.org; Jason Monaco, First Canadian Capital Corp., Tel: (416) 742-5600, email@example.com