North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

August 28, 2009 09:10 ET

North Atlantic Resources Ltd. Closes First Tranche of Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 28, 2009) -

NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWS WIRE SERVICES

North Atlantic Resources Ltd. (the "Company") (TSX:NAC) announces that it has closed the first tranche of its previously announced non-brokered private placement. The Company has issued an aggregate of 9,100,000 units at a price of $0.05 per unit for total gross proceeds of $455,000. Each unit consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.15 per common share until August 27, 2012.

Today's closing is the first tranche of an offering of up to 10 million units. The remaining tranche of 900,000 units ($45,000) is expected to close within the next ten days.

The Company paid cash commissions totalling $22,600 and issued an aggregate of 452,000 additional warrants in satisfaction of finder's fees payable in respect of the first tranche of the private placement.

All securities issued pursuant to the financing are subject to a 4 month statutory hold period from closing which expires on December 27, 2009.

Following completion of the first tranche of the placement, North Atlantic Resources Ltd. has a total of 34,823,741 common shares issued and outstanding.

Please visit the Company's website www.nac-tsx.com to view project details and planned exploration programs going forth.

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