Nord Resources Extends Certain Warrants
TUCSON, AZ, May 8, 2008 (Canada NewsWire via COMTEX) --
Nord Resources Corporation (TSX: NRD/OTC: NRDS) ("Nord" or the "Company"), made the following announcement today in accordance with the policies of the Toronto Stock Exchange (the "Exchange").
The Company's board of directors has authorized a six-month extension of the following outstanding common stock purchase warrants held by Nedbank Limited ("Nedbank"), the administrative agent and lead arranger of the Company's US$25,000,000 secured credit facility dated June 28, 2007, which has been made available to the Company in connection with the reactivation of the Johnson Camp Mine:
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- 743,590 warrants (the "Bridge Loan Warrants") issued to Nedbank in
connection with a bridge loan which has been repaid, each entitling
Nedbank to purchase one share of the Company's common stock until
5:00 p.m. (Central time) on May 8, 2008, at an exercise price of
$0.88 per share; and
- 100,000 warrants (the "Bridge Loan Extension Warrants" and
collectively with the Bridge Loan Warrants, the "Warrants") issued in
connection with the extension of the maturity date of the bridge
loan, each entitling the holder to purchase one share of the
Company's common stock until 5:00 p.m. (Central time) on
May 15, 2008, at an exercise price of $1.00 per share.
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The period during which the Bridge Loan Warrants may be exercised has been extended until 5:00 p.m. (Central time) on November 8, 2008, and the period during which the Bridge Loan Extension Warrants may be exercised has been extended until 5:00 p.m. (Central time) on November 15, 2008. The other terms and conditions of the Warrants, including their respective exercise prices, remain unchanged. No consideration is payable by Nedbank for these extensions. Under the applicable rules of the Exchange, the Warrants, as amended, may not be exercised by Nedbank until May 23, 2008. Nedbank is at arm's length to the Company.
About Nord Resources
Nord Resources Corporation explores, develops, and operates mineral properties. The company's primary asset is the Johnson Camp Mine located approximately 65 miles east of Tucson, Arizona.
Neither the TSX nor any regulatory authority accepts responsibility for
the adequacy or accuracy of this release.
SOURCE: Nord Resources Corporation
John Perry, President and Chief Executive Officer, Nord Resources Corporation, (520) 292-0266, www.nordresources.com; Investor and Media Relations, Richard Wertheim, Wertheim + Company Inc., (416) 594-1600 or (416) 518-8479 (cell) or by email at wertheim@wertheim.ca
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