Mooncor Oil & Gas Corp.
TSX VENTURE : MOO

Mooncor Oil & Gas Corp.

November 17, 2008 09:58 ET

Mooncor Announces First Closing of Flow-Through Financing

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2008) -

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Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO) is pleased to announce that on November 14, 2008 it completed the first tranche of its non-brokered private placement financing by issuing 3,494,668 flow-through units ("FT Units") at a price of $0.09 per FT Unit for gross proceeds of $314,520. Each FT Unit consists of one flow-through common share in the capital of Mooncor and one-half of one common share purchase warrant. Each flow-through common share will qualify as a "flow-through share" for the purposes of the Income Tax Act (Canada). Each whole common share purchase warrant entitles the holder thereof to acquire one common share (a "Common Share") in the capital of Mooncor at an exercise price of $0.20 per share until November 14, 2010. All securities issued pursuant to the financing are subject to a four-month hold period.

The proceeds will be used by Mooncor for exploration on its oil and gas properties.

Including the issuance of shares detailed in this news release, there are currently 75,679,116 Common Shares issued and outstanding.

In connection with the financing, PowerOne Capital Markets Limited received a cash commission of $8,028 and 111,500 finder's warrants, Secutor Capital Management Corp. received a cash commission of $6,998.40 and 97,200 finder's warrants, Penson Financial Services Canada received a cash commission of $6,060.01 and 84,167 finder's warrants and Canaccord Capital Corporation received a cash commission of $4,003.20 and 55,600 finder's warrants. Each finder's warrant entitles the holder thereof to acquire one unit at an exercise price of $0.09 per unit until November 14, 2010. Each unit consists of one Common Share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.20 per share until November 14, 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, Alberta and South Western Ontario. Mooncor is focusing on both its oil operations and its shale gas opportunities.

Closing Price: November 14, 2008 - $0.06

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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