North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

January 10, 2007 12:40 ET

North Atlantic Resources Ltd.: Proposed Equity Private Placement to Raise up to $5 Million

TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2007) -

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 is proposing to raise up to Cdn$5 million pursuant to an equity private placement. The Company has entered into an engagement letter with Blackmont Capital Inc. ("Blackmont"), providing for Blackmont to act as lead agent, on a commercially reasonable best efforts basis, for the private placement.

The private placement will consist of units, each unit consisting of one common share and one-half of one common share purchase warrant. The unit offering price, the warrant exercise price and the warrant term will be determined in the context of the market. Pricing is expected to be determined in the next few days, with closing within 45 days.

Proceeds of the private placement will be used for continued exploration and development of the Company's gold exploration projects in Mali, and for general corporate purposes.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

This news release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • North Atlantic Resources Ltd.
    Jon North, P.Geo.
    President and CEO
    (416) 703-6348
    or
    North Atlantic Resources Ltd.
    Nathalie Roy
    Corporate Affairs
    (416) 703-6348
    Email: info@nac-tsx.com
    Website: www.nac-tsx.com