North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

February 03, 2010 09:25 ET

North Atlantic Resources Ltd.: Proposed Equity Private Placement to Raise Up to $1,350,000

TORONTO, ONTARIO--(Marketwire - Feb. 3, 2010) -


North Atlantic Resources Ltd. ("the Company") (TSX VENTURE:NAC) announces that it is proposing to complete an equity private placement to raise minimum gross proceeds of $600,000 and up to a maximum of $1,350,000. The private placement consists of a minimum of 4,000,000 units and a maximum of 9,000,000 units to be issued at a price of $0.15 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at a price of $0.25 per common share for a period of 18 months following the closing date of the private placement. 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.

Completion of the private placement is conditional upon receipt of all required regulatory approvals.

"The Company's flagship property, the FT Gold Project is just one of a pipeline of several gold properties where exploration programs are planned" said Scott Waldie, President and CEO of North Atlantic.

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 34,823,741 common shares issued and outstanding (48,350,741 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. and no regulatory authority has approved or disapproved the information contained herein.

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