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. CLOSES FIRST TRANCHE OF
NON-BROKERED PRIVATE PLACEMENT
Toronto, Canada, August 27, 2009
North Atlantic Resources Ltd. (the
"Company") announces that it has closed the first tranche of its
previously announced non-brokered private placement. The Company has issued an
aggregate of 9,100,000 units at a price of $0.05 per unit for total gross
proceeds of $455,000. Each unit consist of one
common share and one common share purchase warrant. Each warrant entitles the
holder to purchase one additional common share at a price of $0.15 per common
share until August 27, 2012.
Today's
closing is the first tranche of an offering of up to 10 million units. The
remaining tranche of 900,000 units ($45,000) is expected to close within the next
ten days.
The Company paid cash commissions totalling
$22,600 and issued an aggregate of 452,000 additional warrants in satisfaction
of finder's fees payable in respect of the first tranche of the private
placement.
All securities
issued pursuant to the financing are subject to a 4 month statutory hold period
from closing which expires on December 27, 2009.
Following
completion of the first tranche of the placement, North Atlantic Resources Ltd.
has a total of 34,823,741 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: