Peninsula Merchant Syndications Corp.

September 13, 2010 09:00 ET

Peninsula Merchant Syndications Corp. Acquires Warrants of North Atlantic Resources Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2010) - Peninsula Merchant Syndications Corp. ("Peninsula") is issuing this press release pursuant to the early warning requirements of applicable securities laws in Canada with respect to North Atlantic Resources Ltd. (the "Issuer" or "NAC").

Peninsula has acquired 2,800,000 currently outstanding Series I Warrants of the Issuer (the "Warrants"), with each Warrant exercisable at a price of $0.15 per common share at any time up to August 27, 2012. The Warrants were acquired in a private transaction.

Following this transaction, the Shares owned by Peninsula represented 5.44% of the current issued and outstanding Shares of the Issuer. Assuming the exercise of all of the Warrants and other common share purchase warrants previously acquired and currently held, Peninsula will own 8,998,000 Shares of the Issuer representing 14.71% of the issued and outstanding Shares of the Issuer.

Peninsula acquired these securities for investment purposes. Peninsula may, depending on market and other conditions, acquire additional securities of the Issuer or dispose of all or any of its securities of the Issuer, through market transactions, private agreements or otherwise.

Peninsula Merchant Syndications Corp. is a private merchant bank controlled by Sam Magid.

A copy of the early warning report to be filed by Peninsula with the applicable securities regulators regarding the transaction will be available on SEDAR (www.sedar.com).

For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact Rahim Rajwani at the number below.

Contact Information

  • Peninsula Merchant Syndications Corp.
    Rahim Rajwani
    Executive Vice-President
    (604) 689-9946