Allied Northern Resources Ltd.

August 24, 2007 09:55 ET

Allied Northern Resources Ltd.: Press Release

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2007) - Allied Northern Resources Ltd. (the "Company") announced that the Company has entered into a 6 month Option Agreement with Mourin Investments Inc., the controlling shareholder of the Company, to sell 250,000 Western Troy Capital Resources Inc. ("Western Troy") shares currently held by the Company. The exercise price is $0.55 per share, a premium of 10% to the current market price. Western Troy's common shares closed at $0.50 per share on Thursday, August 23, 2007.

Since Mourin Investments Inc. is the controlling shareholder of the Company and accordingly the transaction is a related party transaction which is subject to regulatory and minority shareholder approval.

Contact Information

  • Allied Northern Resources Ltd.
    Stanley Mourin
    President
    (416) 922-5111
    (416) 922-6290 (FAX)