Mooncor announces first closing of non-brokered flow-through and unit financing for $1.246 million


    MOO:TSX Venture Exchange

    CALGARY, Feb. 6 /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 402,000 common shares, on a flow-through basis,
at a price of $0.25 per share and 5,730,000 common share units ("Units") at a
price of $0.20 per Unit for aggregate gross proceeds of $1,246,000. 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 $0.35 per share until February 6, 2011. Each FT Share will qualify as a
"flow-through share" for the purposes of the Income Tax Act (Canada). All
securities issued pursuant to the financing are subject to a four-month hold
    The proceeds will be used by Mooncor for exploration on its oil and gas
properties and for working capital.
    Including the issuance of shares detailed in this news release, there are
currently 85,273,338 Common Shares issued and outstanding.
    In connection with the financing, All Group Financial Services Inc.
received a cash commission of $23,160 and 142,050 finder's warrants, PowerOne
Capital Markets Limited received a cash commission of $13,600 and 83,000
finder's warrants, Wellington West Capital Inc. received a cash commission of
$16,000 and 100,000 finder's warrants, Granite Associates Ltd. received a cash
commission of $12,000 and 75,000 finder's warrants, Secutor Capital Management
Corp. received a cash commission of $10,920 and 62,900 finder's warrants, and
Haywood Securities Inc. received a cash commission of $1,600 and 10,000
finder's warrants. Each finder's warrant entitles the holder thereof to
acquire one Unit at an exercise price of $0.20 per Unit until February 6,

    Business of Mooncor Oil & Gas Corp.

    Mooncor (through its wholly owned operating subsidiary Mooncor Energy
Inc.) 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 both its shale gas
opportunities and its oil operations with current emphasis on its recent shale
gas acquisition in Alberta.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.

For further information:

For further information: Richard Cohen, Vice-President (Corporate
Development), Mooncor Oil & Gas Corp., Tel: (905) 882-4422,; Jason Monaco, First Canadian Capital Corp., Tel: (416)

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Mooncor Oil and Gas Corp.

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