North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

September 09, 2010 20:03 ET

North Atlantic Closes Equity Private Placement for Gross Proceeds of $1,960,000

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2010) -


North Atlantic Resources Ltd. ("North Atlantic" or the "Company") (TSX VENTURE:NAC) announces that it has completed the equity private placement originally announced on August 25, 2010. The Company has issued 7,000,000 units at a price of $0.28 per unit. Each unit consists of one common share and one Series K common share purchase warrant. Each Series K warrant entitles the holder to purchase one additional common share at a price of $0.40 per share until September 9, 2011. In connection with the private placement, the Company paid finder's fees comprised of an aggregate of $117,600 and 420,000 Series L common share purchase warrants. Each Series L warrant entitles the holder to purchase one additional common share at a price of $0.33 per share until September 9, 2011. All of the common shares and warrants issued pursuant to the private placement, including the common shares issuable upon exercise of the warrants, are subject to a statutory hold period until January 10, 2011.

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.

North Atlantic has 55,160,407 common shares issued and outstanding (82,640,011 common shares on a fully diluted basis).

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

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

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

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