High North Resources Ltd. Announces Closing of $8.67 Million Convertible Debenture Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. 


High North Resources Ltd. (TSX VENTURE:HN) (the "Company" or "High North") is
pleased to announce that it has today successfully closed the previously
announced private placement of 8,670 12.00% convertible unsecured subordinated
debentures (the "Debentures") at a price of $1,000 per Debenture for aggregate
gross proceeds of $8,670,000 (the "Offering"). 


The Debentures bear interest at a rate of 12.00% per annum calculated annually,
and not in advance and payable semi-annually on October 3, 2014 and April 4,
2015. Each Debenture will be convertible at the holder's option into common
shares of the Company (the "Common Shares") at any time after the issuance of
the Debentures and prior to 4:30 p.m. (Eastern time) on April 4, 2015 at the
conversion price of $0.85 per Common Share, subject to customary anti-dilution
adjustments in the event of stock consolidation, stock splits, stock dividends
and other such events. 


The Debentures will not be listed on the TSX Venture Exchange, however, the
Common Shares issuable upon conversion, redemption or maturity of the Debentures
will be listed and will be subject to a four month hold period from the date of
closing. 


GMP Securities L.P. acted as the sole agent in connection with the private
placement and received a commission equal to 6.00% of the gross proceeds of the
Offering. 


The Company intends to use the net proceeds from the Offering for ongoing
operations, land acquisitions and for general corporate purposes. 


Completion of the Offering is subject to the receipt of final acceptance of the
TSX Venture Exchange. 


High North is a Calgary-based company that explores, develops and produces oil
and natural gas in Western Canada. High North trades on the TSX Venture Exchange
under the symbol HN.


Forward-looking Statements and Information

This news release contains certain statements that may be "forward-looking
statements" or "forward-looking information" within the meaning of applicable
securities laws. Forward-looking statements are statements that are not
historical facts and are generally, but not always, identified by the words
"expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions
"will", "would", "may", "could" or "should" occur. In particular, but without
limiting the foregoing, this news release contains forward-looking statements or
information pertaining to, among other things, use of proceeds, receipt of final
approval from the TSX Venture Exchange, future growth, business prospects and
financing opportunities. Although High North believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in forward-looking statements. Forward-looking
statements are based on the beliefs, estimates and opinions of High North's
management on the date the statements are made. Except as required by law, High
North undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors, should
change.


The forward-looking statements contained in this news release are made as of the
date of this news release, and the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
expressly required by securities law.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
High North Resources Ltd.
Mr. Kyle Stevenson
Investor Relations and Director
[phone]
[e-mail]


High North Resources Ltd.
Mr. Colin Soares
President, Chief Executive Officer, and Director
[phone]
[e-mail]
www.highnorthresources.com