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 $256,000
Toronto, Canada, June 23, 2009
North Atlantic Resources Ltd. ("the
Company") announces that it is proposing to complete an equity private
placement to raise a minimum of $150,000 and up to a maximum of $256,000. The
private placement consists of a minimum of 1,875,000 units and a maximum of
3,200,000 units. Each unit will consist of one common share and one common
share purchase warrant. Each warrant will entitle the holder to purchase one
additional common share at a price of $0.15 per common share for a period of 36
months following the closing date of the private placement. If the trading
price of the Company's shares is not less than $0.60 per share for a period of
20 consecutive trading days, the Company may accelerate the expiry date of the
warrants.
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.
"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 panned" said Scott Waldie President and CEO of
North Atlantic.
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 25,723,741
common shares issued and outstanding (29,288,741 shares on a fully diluted
basis).
Please visit the Company's
website www.nac-tsx.com to view project details and planned exploration
programs.
FOR FURTHER
INFORMATION PLEASE CONTACT:
North
Atlantic Resources Ltd.
Scott Waldie, President and CEO
(416) 703-6348
(416) 703-6507
(FAX)
swaldie@nac-tsx.com
Email:
info@nac-tsx.com
Website: www.nac-tsx.com
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This
press release has been prepared by North Atlantic Resources Ltd. and no
regulatory authority has approved or disapproved the information contained
herein.