Mooncor Announces Closing Of $2.5 Million Financing
June 13, 2008
Calgary, Alberta – Mooncor Oil & Gas Corp. (“Mooncor”) is pleased to announce that on June 12, 2008 it successfully completed a non-brokered private placement financing of 3,333,333 units (“Units”) at a price of $0.15 per Unit for gross proceeds of $500,000, and 10,000,000 flow-through units (“FT Units”) at a price of $0.20 per FT Unit for gross proceeds of $2,000,000. Each Unit consists of one common share in the capital of the Company (“Common Share”) and one-half of one common share purchase warrant. Each FT Unit is to consist of one flowthrough common share in the capital of Mooncor and one-half of one common share purchase warrant. Each whole common share purchase warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.30 per share until June 12, 2010. All securities issued pursuant to the financing are subject to a four-month hold period.
The net 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 72,877,948 common shares issued and outstanding.
In connection with the financing, PowerOne Capital Markets Limited received a cash commission of $160,000 and 1,083,333 finder’s warrants, First Republic Capital Corp. and Barrington Capital Corp. each received a cash commission of $16,000 and 100,000 finder’s warrants, and Secutor Capital Management Corporation and Granite Associates Ltd. each received a cash commission of $4,000 and 25,000 finder’s warrants. Each finder’s warrant entitles the holder thereof to acquire one Unit at an exercise price of $0.15 per Unit until June 12, 2010.
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 and Alberta. Mooncor is focusing on both its oil operations and its shale gas opportunities.
For more information please contact:
Richard Cohen Jason Monaco
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