North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

January 18, 2007 17:24 ET

North Atlantic Resources Ltd. Terms of Equity Private Placement Finalized

TORONTO, ONTARIO--(CCNMatthews - Jan. 18, 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 has finalized the terms of its proposed equity private placement, originally announced on January 10, 2007. The Company will offer 3,048,100 units at Cdn$1.35 per unit to raise gross proceeds $4,114,935. Blackmont Capital Inc. is acting as lead manager for the private placement.

The private placement consists of units, each unit consisting of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $1.80 for a period of twenty-four months following the closing date of the private placement. Closing is expected to take place on or about February 7, 2007.

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
    (416) 703-6507 (FAX)
    or
    North Atlantic Resources Ltd.
    Nathalie Roy
    Corporate Affairs
    (416) 703-6348
    (416) 703-6507 (FAX)
    Email: info@nac-tsx.com
    Website: www.nac-tsx.com