Northern Continental Resources Inc.
TSX VENTURE : NCR

Northern Continental Resources Inc.

December 17, 2007 15:13 ET

Northern Continental Closes Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2007) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION ON US NEWS WIRE SERVICES.

Northern Continental Resources Inc. (TSX VENTURE:NCR) is pleased to announce the closing of the second (final) tranche of the non-brokered flow-through private placement announced on November 26, 2007. This closing consisted of the sale of 2,500,000 flow-through units ("FT Units") at $0.40 each, with each FT Unit consisting of one flow-through common share and one-half (1/2) of a non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional ordinary common share at a price of $0.60 until December 14, 2008. Placees include the 49 North 2007 Resource Flow-Through LP and the Canadian Small Cap Resources Fund. The proceeds from this flow-through private placement will be used for exploration of NCR's Russell Lake uranium property in Saskatchewan.

In connection with this closing, NCR paid certain finders' fees, including the issuance of non-transferable warrants to NovaDX Ventures Corp., of Vancouver, B.C., entitling it to purchase up to 87,500 common shares at a price of $0.60 per share until December 14, 2008.

All of the securities issued in connection with this closing, including the securities issued in payment of the finders' fees, are subject to a hold period in Canada until April 15, 2008.

NORTHERN CONTINENTAL RESOURCES INC.

Alan Crawford, President

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

Contact Information

  • Northern Continental Resources Inc.
    Alan Crawford
    President
    (604) 685-9255 or Toll Free: 1-800-449-4435
    Website: www.northerncontinental.ca