Calgary, Alberta – Mooncor Oil & Gas Corp. (“Mooncor”) is pleased to announce that it has completed the final tranche of its non-brokered private placement financing by issuing 598,000 common share units (“Units”) at a price of $0.30 per Unit for aggregate gross proceeds of $179,400. 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 29, 2011. All securities issued pursuant to the financing are subject to a four-month hold period.
The total amount raised by Mooncor pursuant to the non-brokered financing is $1,837,951 through the issuance of 6,126,502 Units.
The net proceeds will be used by Mooncor for working capital.
Including the issuance of shares detailed in this news release, there are currently 98,011,078 Common Shares issued and outstanding.
In connection with the final tranche of the financing, Mooncor paid cash commissions equal to 8% ($14,352) of the aggregate gross proceeds of the financing, and issued compensation warrants to purchase that number of Units as is equal to 10% (59,800) of the number of Units sold pursuant to the financing, at an exercise price of $0.30 per Unit exercisable until September 29, 2011.
Business of Mooncor Oil & Gas Corp.
Mooncor Oil & Gas Corp. is a junior oil and gas exploration and development company. Mooncor is focusing on its shale gas opportunities with a current emphasis on its high impact proven Muskwa shale gas play at Hamburg, Alberta.
For more information please contact:
Vice-President (Corporate Development)
Mooncor Oil & Gas Corp.
Tel: (905) 882-4422
First Canadian Capital Corp.
Tel: (416) 742-5600