MOO: TSX Venture Exchange
CALGARY, April 20 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") (TSXV: MOO) is pleased to announce that it has negotiated an extension
of its two convertible debentures (the "Debentures"), initially disclosed upon issuance on September 27, 2007 and October 1,
2007, and on April 13, 2010 and December 8, 2010 when they were
amended. The Debentures mature on June 11, 2011 and each have $510,719
outstanding inclusive of interest as of the date hereof.
Pursuant to an extension agreement the maturity date of the Debentures
has been extended from June 11, 2011 to December 31, 2011. In
consideration for the extension, Mooncor has agreed to extend the
expiry date of the 500,000 warrants (the "Compensation Warrants") previously issued to each Debenture holder from June 11, 2011 to
December 31, 2011. Each Compensation Warrant entitles the holder
thereof to purchase one common share (a "Share") in the capital of
Mooncor at $0.225 per Share.
The Debentures accrue interest at 10% per annum and are payable on
conversion or maturity, or in advance without penalty. The Debentures
are convertible into units ("Units") of Mooncor at $0.225 per Unit. Each Unit shall consist of one Share and
one-half of one warrant, with each whole warrant entitling the holder
thereof to purchase one Share at $0.225 per Share until December 31,
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration and
development company focusing on shale gas opportunities. Mooncor's
current emphasis is on securing a joint venture partner for its proven
Muskwa/Duvernay shale gas project at Hamburg, Alberta. It is also
pursuing opportunities to realize near-term value from its southwest
Ontario assets, potentially through a spin-off into a new entity.
The information in this news release includes certain information and
statements about management's view of future events, expectations,
plans and prospects that constitute forward looking statements. These
statements are based upon assumptions that are subject to significant
risks and uncertainties. Because of these risks and uncertainties and
as a result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those
anticipated and indicated by these forward looking statements. Although
Mooncor believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the
expectations of any forward looking statements will prove to be
correct. Except as required by law, Mooncor disclaims any intention and
assumes no obligation to update or revise any forward looking
statements to reflect actual results, whether as a result of new
information, future events, changes in assumptions, changes in factors
affecting such forward looking statements or otherwise.
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: