True North Corporation
TSX VENTURE : TN

True North Corporation

October 19, 2006 17:08 ET

True North Corporation Closes Non-Brokered Private Placement

MISSISSAUGA, ONTARIO--(CCNMatthews - Oct. 19, 2006) - True North Corporation - The Return On Ideas Company™ (TSX VENTURE:TN) ("TNC" or the "Company") - today announced the final closing of the private placement of common shares which was initially announced on July 19, 2006 and extended to October 18, 2006. The Company has raised total gross proceeds of $504,000 through the issuance of 3,600,000 common shares. The initial interim closing of the private placement took place on September 18, 2006 at which time the Company raised $378,000 through the issuance of 2,700,000 common shares. Pursuant to the second and final closing yesterday a further $126,000 was raised through the issuance of 900,000 common shares. Following the completion of the private placement the Company has 25,804,968 common shares outstanding. The hold period in respect of the shares issued pursuant to the final closing expires on February 19, 2007.

About TRUE NORTH CORPORATION

True North Corporation - The Return On Ideas Company™ - is one of the fastest growing vertically integrated marketing services organizations in Canada. TNC delivers services through two focus areas: Marketing Services & Sales Channel Support. Service competencies include: Marketing Communications, Event & Experiential Marketing, Sales Channel Marketing and Merchandising, Distribution & Fulfillment. The Company is listed on the TSX Venture Exchange (TSX VENTURE:TN).

Visit us online at www.truenorthcorp.ca

This news release may contain certain forward-looking statements that are subject to known and unknown risks and uncertainties. TNC makes no assurance that these forward-looking statements, denoted by words such as "expect", "should" and other similar qualifiers, will prove to be accurate and cautions readers to review the risks and uncertainties sections of its recent filings with securities administrators.


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

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