/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES/
WINNIPEG, Nov. 20 /CNW/ - Mr. Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
second closing of its previously announced private placement offering (the
"Offering") of units of the Corporation (the "Units") at a price of $0.20 per
Unit. The Corporation issued 3,600,000 Units for aggregate gross proceeds of
$720,000 to various subscribers. Each Unit consisted of one Class A common
share of the Corporation and one half of one Class A common share purchase
warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one
Class A common share of the Corporation at a price of $0.30 for a period of
two years from the date of issuance. The securities issued pursuant to the
Offering are subject to a hold period of four months and one day in accordance
with applicable securities laws and the policies of the TSX Venture Exchange.
MAK Allen & Day Capital Partners was paid a finder's fee of $30,000 and
was issued 200,000 Warrants as partial compensation for their services.
Commenting on the closing, Mr. Benson stated: "We acknowledge the fact
that this financing is priced well below current market value. However, the
Private Placement that has been concluded today was undertaken over the past
few weeks prior to the Company announcing the discovery of the oil seeps in
Preeceville, which, in recent days, has subsequently resulted in a sharp
upturn in the Nordic share price.
"It is our intention to go back to markets in the near future for
additional financing at a price considerably higher than the $0.20 per Unit
closing of this Offering," he 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.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this News Release.
For further information:
For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154, e-mail: firstname.lastname@example.org,