North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

May 13, 2008 17:01 ET

North Atlantic Resources Ltd.: Proposed Equity Private Placement to Raise up to $1.5 Million

TORONTO, ONTARIO--(Marketwire - May 13, 2008) -


North Atlantic Resources Ltd. ("the Company")(TSX:NAC) announces that it is proposing to raise up to Cdn$1.5 million pursuant to an equity private placement. The Company proposes to issue up to 5 million common shares at $0.30 per share. Tiedemann Global Emerging Markets LP ("Tiedemann"), which currently holds approximately 18% of the issued and outstanding common shares of North Atlantic Resources Ltd., has advised the Company that Tiedemann will subscribe for approximately Cdn$1.0 million of the offering.

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, and upon receipt of approval of the shareholders of the Company, which approval will be sought at the annual and special meeting of shareholders of the Company to be held on June 9, 2008.

"The Company's flagship property, the FT Gold Project and the promising new gold discovery on its Kourouba Gold Project are two of several properties where exploration programs are currently underway. We are pleased to have continuing support from the Company's largest shareholder to advance these gold projects," said Scott Waldie, President and CEO of North Atlantic Resources Ltd.

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 22,190,408 common shares issued and outstanding (26,738,775 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. and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • North Atlantic Resources Ltd.
    Scott Waldie
    President and CEO
    (416) 703-6348
    North Atlantic Resources Ltd.
    Nathalie Roy and Lisa Hampton
    Shareholder Communications
    (416) 703-6348
    (416) 703-6507 (FAX)