PRESS RELEASE
NOT
FOR DISSEMINATION IN THE U.S.
OR THROUGH U.S.
NEWS WIRE SERVICES
Symbol:
"NAC" Toronto
Stock Exchange
PROPOSED
EQUITY PRIVATE PLACEMENT TO RAISE UP TO $1.5 MILLION
Toronto, Canada, May 13, 2008
North Atlantic
Resources Ltd. ("the Company") announces that it is proposing to raise up to Cdn$1.5 million pursuant to an equity private
placement. The Company proposes to issue up to 5 million common shares at $0.30
per share. Tiedemann Global Emerging Markets LP ("Tiedemann"), which
currently holds approximately 18% of the issued and outstanding common shares
of North Atlantic Resources Ltd., has advised the Company that Tiedemann will
subscribe for approximately Cdn$1.0 million of the offering.
Proceeds of the private placement will be used
for continued exploration and development of the Company's gold exploration
projects in Mali,
and for general corporate purposes.
Completion of the private placement is
conditional upon receipt of all required regulatory approvals, and upon receipt
of approval of the shareholders of the Company, which approval will be sought
at the annual and special meeting of shareholders of the Company to be held on
June 9, 2008.
"The Company's flagship property, the FT
Gold Project and the promising new gold discovery on its Kourouba
Gold Project are two of several properties where exploration programs are
currently underway. We are pleased to have continuing support from the
Company's largest shareholder to advance these gold projects," said Scott Waldie, President and CEO of North Atlantic Resources Ltd.
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.
North Atlantic has 22,190,408 common shares issued and outstanding (26,738,775 shares
on a fully diluted basis).
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.