By Devika Patel
Knoxville, Tenn., May 30 - Mooncor Oil & Gas Corp. said it plans to raise C$2.5 million in a non-brokered private placement of units.
The company will sell up to 3,333,333 units at C$0.15 apiece for C$500,000. Each unit consists of one common share and one half-share warrant.
Mooncor also will sell up to 10 million flow-through units at C$0.20 apiece for C$2 million. Each flow-through unit consists of one flow-through common share and one half-share warrant.
Each whole two-year warrant is exercisable at C$0.30.
Proceeds will be used for exploration and working capital.
Mooncor is a junior oil and gas exploration and production company based in Calgary, Alta.
Issuer: | Mooncor Oil & Gas Corp.
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Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
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Amount: | C$2.5 million
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | May 30
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Stock symbol: | TSX Venture: MOO
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Stock price: | C$0.26 at close May 30
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Units
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Amount: | C$500,000
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Units: | 3,333,333
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Price: | C$0.15
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Flow-through units
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Amount: | C$2 million
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Units: | 10 million
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Price: | C$0.20
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