PRESS RELEASE
NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWS WIRE SERVICES
Symbol: "NAC" Toronto Stock Exchange
NORTH ATLANTIC RESOURCES LTD. ANNOUNCES CLOSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Toronto, Canada, June 27, 2008
Mr. Scott Waldie reports:
North Atlantic Resources Ltd. (the "Company") has closed the first tranche of its previously announced non-brokered private placement of 3,533,333 million common shares at a price of $0.30 per share for total gross proceeds of $1.06 million.
Today's closing is the first tranche of an offering of up to 5 million shares.
Tiedemann Global Emerging Markets LP ("Tiedemann"), which currently holds approximately 18% of the issued and outstanding common shares of the Company, has subscribed for $1.0 million of the offering. After giving effect to their participation in this offering Tiedemann will hold 7,338,333 common shares representing approximately 27% of North Atlantic's issued and outstanding common shares.
North Atlantic is pleased to have the support of Tiedemann Global Emerging Markets LP, the Company's largest shareholder. The funds made available to North Atlantic will be sufficient for continuing drill programs on the Company's flagship property, the FT Gold Project and for continued exploration of the Company's other gold properties in the Republic of Mali, West Africa and for general corporate purposes.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Common shares acquired under the placement are subject to a four-month hold period. Post completion of the first tranche of the placement, North Atlantic Resources Ltd. has a total of 25,723,741 common shares issued and outstanding.
Please visit the Company's website www.nac-tsx.com to view project details and planned exploration programs going forth.
FOR FURTHER INFORMATION PLEASE CONTACT:
This press release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the information contained herein.
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