Northampton Group Inc.

Northampton Group Inc.

July 27, 2005 09:12 ET

Northampton Realizes $2,330,032 From Warrant Exercise

TORONTO, ONTARIO--(CCNMatthews - July 27, 2005) - Northampton Group Inc., (TSX VENTURE:NHG)(TSX VENTURE:NHG.DB) an integrated Canadian hotelier, today announced that 3,106,710 of its 3,850,000 outstanding warrants were exercised at the exercise price of $0.75 by July 22, 2005. The remaining outstanding warrants, totaling 743,290, have an exercise price of $0.90 and an expiry date of July 21, 2007.

The warrants were originally issued in conjunction with a $5,000,000 debenture issue in July 2002. As per the terms of the original issue, the warrant exercise price moved from $0.75 to $0.90 effective the end of business July 22, 2005.

The proceeds arising from the above issue will be used to fund new hotel construction, acquisition of additional hotel properties, and working capital needs as they arise.

About Northampton

Northampton Group Inc. is an integrated Canadian hotelier with ownership and management interests in 2058 rooms in 16 hotels. Focused on creating the best return for all stakeholders, Northampton's proven, market-sensitive strategy is to acquire or build hotels that provide superior overnight accommodation in the mid-price market. Northampton has demonstrated that it excels in this sector, offering services that exceed expectations while still posting industry leading margins, as evidenced by Hotelier Magazine's Top Growth awards for Northampton's fiscal 2003 and 2004.

Shares Outstanding: 23,937,577

The Canadian Venture Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Northampton Group Inc.
    Vinod Patel
    President & CEO
    (905) 629-9992
    (905) 629-9636 (FAX)