Mooncor Oil & Gas Corp. (TSXV: MOO.V) and Pinetree Capital Ltd. entered into a securities purchase agreement, Mooncor said March 26.
Pursuant to the agreement’s terms, Pinetree agreed to subscribe for 10 million of Mooncor’s common units priced at five cents each, Mooncor said, adding that the units will be comprised of one common share of Mooncor and one share purchase warrant.
The share purchase warrants will allow one common share to be bought at 10 cents for two years from the offer’s date of issuance, the company added.
Mooncor agreed to subscribe for 819,672 common shares of Pinetree’s capital, priced at 61 cents each, the company said.
The transaction is scheduled to close April 1, the company said.
Calgary, Alberta-based Mooncor Oil & Gas Corp. explores and develops oil and natural gas properties across Canada.
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