Northaven Resources Corp.
TSX VENTURE : NTV

July 27, 2011 18:28 ET

Northaven Announces Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 27, 2011) - NORTHAVEN RESOURCES CORP. (TSX VENTURE:NTV) announced today it is planning to complete a non-brokered private placement comprised of flow through and non-flow through securities with aggregate gross proceeds of up to $1,250,000. The flow through portion of the offering is comprised of 500,000 flow through shares ("FTS") at a price of $0.19 per share and up to 3,275,000 super flow through units ("FT Units") at a price of $0.20 per FT Unit, each of which is comprised of one common share issued as a "super flow through" share and a one half (1/2) two year non-flow-through share purchase warrant exercisable at a price of $0.30, for total flow through proceeds of $750,000. The non-flow through portion of the offering is comprised of up to 3,333,333 non-flow through units ("NFT Units") at a price of $0.15 per NFT Unit, each of which is comprised of one non-flow through common share and a one half (1/2) two year non-flow-through share purchase warrant exercisable at a price of $0.25, for total non flow through proceeds of $500,000.

Finders' fees of up to 7% will be paid in cash to qualified persons who assist the Company in securing subscribers for FT Units and NFT Units in the Placement. The net proceeds of the flow-through portion of the Private Placement will be used to cover expenditures on the Company's properties in British Columbia qualifying as "Canadian Exploration Expense". The net proceeds of the non-flow-through portion of the placement after paying transaction costs will be used to fund exploration of the Company's properties and for general corporate purposes. Closing of the Placement will take place in one or more tranches, subject to TSX-V approval, which remains outstanding.

On behalf of the Board of Directors of NORTHAVEN RESOURCES CORP.

Allen D. Leschert, CEO

This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond Northaven's control, and may cause actual results or performance to differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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