Northern Continental to Amend Terms of Share Purchase Warrants
Wed Oct 8, 1:00 PMVANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2008) - Northern Continental Resources Inc. (the "Company") (TSX VENTURE: NCR.V) announces that it intends to make application to the TSX Venture Exchange to amend the terms of certain outstanding share purchase warrants, as disclosed in the following table:
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Proposed
Number of Original Amended
Warrants Exercise Original Exercise Proposed
Outstanding Price Expiry Date Price Expiry Date
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1,875,000 $0.60 December 7, 2008 $0.30 December 7, 2009
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1,250,000 $0.60 December 14, 2008 $0.30 December 14, 2009
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1,925,000 $0.60 December 28, 2008 $0.30 December 28, 2009
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1,525,900 $0.40 January 8, 2010 $0.20 January 8, 2010
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629,000 $0.40 April 7, 2010 $0.20 April 7, 2010
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Pursuant to the provisions of TSX Venture Exchange Policy 4.1, any finder's warrants issued previously are not eligible for the proposed re-pricing, and the two series of warrants which are proposed to be reduced to an exercise price of $0.20 will have their exercise period shortened to a period of 30 days if, for ten consecutive trading days (the "Premium Trading Days"), the closing price of the Company's shares is $0.25 or greater - this 30 day period will commence seven calendar days after the tenth Premium Trading Day. The amendments to each individual series of warrants disclosed herein is subject to all holders of warrants of the series in question consenting to the amendments, as well as to the Company receiving acceptance from the TSX Venture Exchange for these amendments. For further information on Northern Continental Resources Inc., visit our website at www.northerncontinental.ca. NORTHERN CONTINENTAL RESOURCES INC. Warren Stanyer, President & CEO Forward Looking Statements This news release contains "forward-looking statements" that are based on Northern Continental's current expectations, estimates, forecasts and projections. These forward-looking statements include statements regarding Northern Continental's outlook for our future operations, plans and timing for the commencement or advancement of exploration activities on our properties, and other expectations, intention and plans that are not historical fact. The words "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words and phrases are intended to identify forward-looking statements. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Many of these factors are beyond the control of Northern Continental. Consequently, all forward-looking statements made in this news release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by Northern Continental will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking statements. Northern Continental disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise. The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of the contents of this news release.ContactsWarren Stanyer Northern Continental Resources Inc.
President & CEO
(604) 685-9255 Toll Free: 1-800-449-4435
Website: www.northerncontinental.ca
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