Nordic Oil and Gas Ltd.

TSX VENTURE : NOG


March 21, 2014 09:00 ET

Nordic Oil and Gas Announces New Flow-Through Offering

Company Announces Allocation of Stock Options

WINNIPEG, MANITOBA--(Marketwired - March 21, 2014) - Nordic Oil and Gas Ltd. (TSX VENTURE:NOG) today announced that the Company will be undertaking a new non-brokered private placement offering (the "Offering") of up to 20,000,000 units ("Units") at a price of $0.05 per Unit for gross proceeds of up to $1,000,000. Each Unit of the Offering will consist of one Class A common share of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one Class A common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.05 per share for a period of 60 months from the date of issuance.

The securities issued pursuant to the Offering are subject to a four-month hold period from the date of issuance. The Company anticipates multiple closings of the Offering in the coming weeks.

Certain finders are expected to assist the Company by introducing potential subscriber(s) to the Offering and, subject to compliance with applicable legislation, will be entitled to receive fees equal to up to 10% of the purchase price of the Units sold pursuant to the Offering, as well as compensation warrants (the "Finder's Warrants") equal to up to 10% of the number of Units sold pursuant to the Offering. Each Finder's Warrant shall entitle the holder thereof to purchase one regular Class A common share of the Company at a price of $0.05 for a period of 60 months from the date of issuance.

The closing of the Offering is subject to the final approval of the TSX Venture Exchange.

In other news, Nordic Oil and Gas Ltd. President Donald Benson also announced today that that pursuant to the terms and conditions of its Stock Option Plan, the Board of Directors has approved the granting of 6,400,000 stock options to directors and officers of the Company. The options, which are effective immediately, are priced at $0.05 per share and will run for a period of 10 years from today's date.

The issuance of the stock options is subject to regulatory approval.

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 and natural gas in Western Canada. The Corporation is listed on the TSX Venture Exchange and trades under the symbol NOG.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the contents of this News Release.

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Contact Information

  • Nordic Oil and Gas Ltd.
    Don Bain
    204-943-1810
    204-943-1829 (FAX)