TORONTO, ONTARIO--(Marketwired - June 19, 2013) - Mooncor Oil & Gas Corp. ("Mooncor") (News - Market indicators) announced today that it has successfully entered into arm's length shares for debt and settlement agreements, pursuant to which Mooncor will settle approximately $1,400,000 of debt through the issuance of securities based on an agreed issue price of $0.05 per share. Mooncor determined to satisfy the indebtedness with common shares in order to preserve its cash.
Mooncor will issue 22,896,986 common shares and 11,448,492 warrants, exercisable for five years at $0.10 per share, in satisfaction of indebtedness of $1,144,849.32 currently owed to two holders of secured convertible debentures of Mooncor (which have been previously disclosed) which matured on December 31, 2011. In addition, Mooncor will issue 5,083,578 common shares in satisfaction of indebtedness of $254,178.95 currently owed to several service providers.
The securities issued in satisfaction of the indebtedness will be subject to a four month statutory hold period from the date of issuance.
Following completion of the share issuance Mooncor will have a total of 149,934,520 common shares issued and outstanding.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Mooncor believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Mooncor disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither 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 this release.
