Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

December 18, 2007 09:20 ET

Northern Continental Announces Additional Flow-Through Private Placement With the MineralFields Group and With 49 North

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2007) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION ON US NEWS WIRE SERVICES.

Northern Continental Resources Inc. (TSX VENTURE:NCR) is pleased to announce that it has negotiated an additional $1,540,000 private placement, to consist of 3,850,000 units at a price of $0.40 per unit, each unit consisting of one flow-through common share and one-half (1/2) of a share purchase warrant, with each whole warrant to entitle the holder to purchase one ordinary common share at a price of $0.60 for a period of one year following closing.

Of the funds being raised, $1,500,000 will be advanced by MineralFields Group Flow-Through Limited Partnerships, of Toronto, Ontario, with $40,000 to be advanced by the 49 North Flow-Through Limited Partnership, of Saskatoon, Saskatchewan.

Use of Proceeds

The proceeds from this private placement will be used for exploration of NCR's Russell Lake uranium property located in Saskatchewan's Athabasca Basin. Flow-through subscriptions will constitute Canadian Exploration Expenses as defined in the Income Tax Act (Canada), and will be renounced for the 2007 taxation year. Certain finders' fees will also be paid in connection with this private placement.

NORTHERN CONTINENTAL RESOURCES INC.

Alan Crawford, President

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.

Contact Information

  • Northern Continental Resources Inc.
    Alan Crawford
    President
    (604) 685-9255 or Toll Free: 1-800-449-4435
    Website: www.northerncontinental.ca