North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

January 07, 2011 14:15 ET

North Atlantic Appoints New CFO and Issues Incentive Stock Options

TORONTO, ONTARIO--(Marketwire - Jan. 7, 2011) - North Atlantic Resources Ltd. ("North Atlantic" or the "Company") (TSX VENTURE:NAC) is pleased to announce the appointment of Mr. Kyle Appleby, C.A. as North Atlantic's Chief Financial Officer.

Mr. Appleby is a graduate of York University and obtained his Chartered Accountant designation in 2001. Since 2007 he has been providing financial, accounting, compliance and other corporate services to companies in diverse industries including junior mining, manufacturing and distribution, technology and nutraceutical products. Prior to 2007 he spent over 8 years in public practice providing assurance services to Canadian companies, with a focus on investment funds. Mr. Appleby is currently also the Chief Financial Officer for Renforth Resources Inc., Takara Resources Ltd and Xylitol Canada Inc.

Mr. Roderick Chisholm, C.A. has resigned his position as Chief Financial Officer in order to decrease his professional responsibilities. Mr. Chisholm has been CFO for the Company since 2003. The Board of Directors of the Company expressed its appreciation for Mr. Chisholm's contributions to the Company over the past seven years.

The Company has granted incentive stock options in respect of an aggregate of 450,000 common shares to officers and employees. Each of the options was granted pursuant to the Company's existing Stock Option Plan, is exercisable at $0.60 per share (being the closing price of the Company's common shares on January 6, 2011), and has a five year term expiring January 7, 2016.

North Atlantic has 56,326,124 common shares issued and outstanding (82,393,018 shares on a fully diluted basis).

Please visit the Company's website to view project details and planned exploration programs going forth.

This press release has been prepared by North Atlantic Resources Ltd. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • North Atlantic Resources Ltd.
    Scott Waldie
    President and CEO
    (416) 703-6348