FOR IMMEDIATE RELEASE
NEWS
RELEASE
Nord Resources Corporation
1 Wetmore Road, Suite 203
Tucson, Arizona 85705
Tel: (520) 292-0266 Fax: (520) 292-0268
Nord Resources Corporation Announces
Appointment of Two New Directors
June 12, 2007
SOURCE: Nord Resources
Corporation
TUCSON, Arizona., June 12, 2007
- Mr. Ronald Hirsch, Chairman of the board of Directors of Nord Resources
Corporation ("Nord") (Other OTC:
NRDS.PK - News) announced
that John T. Perry and T. Sean Harvey were appointed to the Board of Directors
yesterday.
“Mr. Harvey is an accomplished leader in mining and finance who has
enjoyed success as a director and CEO of several public companies, while John
Perry has recently been named CEO of Nord Resources while continuing to serve
in his capacity as CFO. John has continued to make significant contributions
to our Company’s recent turnaround,” commented Mr. Hirsch.
Mr. Harvey is a co-founder and, since January 2004, has served as the Non-Executive
Chairman of Andina Minerals, Inc., a Toronto-based exploration-stage mining
company listed on the TSX Venture Exchange. Mr. Harvey has also served as
the President, Chief Executive Officer and a director of Orvana Minerals Corp.,
a mining company listed on the Toronto Stock Exchange, and as the President,
Chief Executive Officer and a director of Atlantico Gold Inc., a private company
that acquired the Amapari gold project in Brazil in 2003, shortly before that
company’s acquisition by Wheaton River Minerals Ltd. Prior to that,
Mr. Harvey served as the President, Chief Executive Officer, Chief Operating
Officer and a director of TVX Gold Inc., a mining company listed on the Toronto
and New York Stock Exchanges. He was also a Director at Deutsche Bank Securities
Limited in Toronto, where he was a member of the Investment Banking Group
and the Global Mining and Metals team, and a Director at Nesbitt Burns Inc.,
in Toronto, where he was a member of the Investment Banking Group.
Mr. Perry was appointed as Chief Executive Officer and President effective
as of April 27, 2007, and he continues to serve as Nord’s Chief Financial
Officer, Secretary and Treasurer until a suitable candidate to fill those
positions can be found. He has served as Nord’s Senior Vice President
and Chief Financial Officer since April 1, 2005, and as Nord’s Secretary
and Treasurer since September 2005. Mr. Perry has over 16 years of mining
and metals industry experience.
Nord’s Board of Directors is now comprised of:
Ronald A. Hirsch, Chairman
John T. Perry
Stephen Seymour
Douglas P. Hamilton
John F. Cook
T. Sean Harvey
The Corporation’s Board of Directors has determined that it is appropriate
to apply the standards for director independence prescribed by Section 121
of the American Stock Exchange Company Guide, and that each of Messrs. Hamilton,
Cook and Harvey meets those standards of director independence.
Clarification Regarding Recent Equity Financing Announcement
As announced on June 6, 2007, the Corporation has completed an offering of
30,666,700 special warrants (each a “Special Warrant”) at a price
of $0.75 per Special Warrant for aggregate gross proceeds of approximately
$23 million. In response to questions raised by several stockholders of the
Corporation, the Corporation wishes to clarify that receipt of the net proceeds
of the offering by the Corporation was not made conditional on the filing
of either a Canadian prospectus or a registration statement under the Securities
Act of 1933 (the “1933 Act”). The Company has received net proceeds
of $21.5 million and as of the date hereof, a portion of the net proceeds
have now been applied to repayment of the $5,000,000 bridge loan from Nedbank
Limited.
The offering of the Special Warrants was completed in the United States pursuant
to exemptions from the registration requirements of the 1933 Act and outside
of the United States to non-U.S. investors in accordance with Regulation S
of the 1933 Act. Neither the Special Warrants, nor upon conversion, the issuance
of the underlying securities have been registered under the 1933 Act and may
not be offered or sold in the United States absent registration or an exemption
from the registration requirements of the 1933 Act. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy the
securities nor shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful.
For information contact:
Ronald A. Hirsch, Chairman, (949) 715-6745.
Website: www.nordresources.com
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed "forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 and are intended to be covered by the safe harbour created
by such legislation. All statements in this release, other than statements
of historical facts, that address future financing, development and mining
activities of Nord are forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking statements
include: Nord’s ability to obtain a receipt for a final Canadian prospectus
and effectiveness of the U.S. registration statement within 180 days following
the closing date of the offering of the Special Warrants, if at all; Nord’s
ability to conclude the Nedbank credit facility; the market price of copper;
the costs and timing to re-activate the Johnson Camp Mine; and general economic,
market and business conditions. Investors are cautioned that any such statements
are not guarantees of future performance and that actual results or developments
may differ materially from those projected in the forward-looking statements.
In addition, Nord’s business and operations are subject to the risks
set forth in Nord’s most recent Form 10-KSB, Form 10-QSB and other SEC
filings which are available through EDGAR at www.sec.gov.
These are among the primary risks we foresee at the present time. Nord assumes
no obligation to update the forward-looking statements.