Mooncor Completes First Tranche of Non-Brokered Private Placement

Mooncor has completed the first tranche of its non-brokered private placement financing by issuing 402,000 common shares, on a flow-through basis, at a price of $0.25 per share and 5,730,000 common share units ("Units") at a price of $0.20 per Unit for aggregate gross proceeds of $1,246,000. Each Unit consists of one common share ("Common Share") in the capital of Mooncor and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.35 per share until February 6, 2011. Each FT Share will qualify as a "flow-through share" for the purposes of the Income Tax Act (Canada). 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 and for working capital.

Including the issuance of shares detailed in this news release, there are currently 85,273,338 Common Shares issued and outstanding.
In connection with the financing, All Group Financial Services Inc. received a cash commission of $23,160 and 142,050 finder's warrants, PowerOne Capital Markets Limited received a cash commission of $13,600 and 83,000 finder's warrants, Wellington West Capital Inc. received a cash commission of $16,000 and 100,000 finder's warrants, Granite Associates Ltd. received a cash commission of $12,000 and 75,000 finder's warrants, Secutor Capital Management Corp. received a cash commission of $10,920 and 62,900 finder's warrants, and
Haywood Securities Inc. received a cash commission of $1,600 and 10,000 finder's warrants. Each finder's warrant entitles the holder thereof to acquire one Unit at an exercise price of $0.20 per Unit until February 6, 2011.
 

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