 | | | October 27, 2010
North American Tungsten Closes Previously Announced Non-Brokered CDN$2.66 Million Private Placement
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| | THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
NORTH AMERICAN TUNGSTEN CORPORATION LTD. (the "Company") is pleased to announce that it has closed a non-brokered private placement of 7,000,000 units at a price of CDN$0.38 per unit for proceeds of CDN$2,660,000. Each unit consists of one common share and 2/7 of a share purchase warrant. Each whole share purchase warrant will be exercisable at a price of CDN$1.00 into one common share for a period of five years expiring on October 27, 2015.
The warrants issuable under this placement and the common shares are subject to a four-month hold period, pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange, and cannot be traded before February 28, 2011.
The proceeds of the private placement will be used for continuing development of the CanTung Mine and general corporate purposes.
ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD.
The Company is the 100% owner of the CanTung Mine and the MacTung development project in Canada. It is one of the largest producers of tungsten concentrates in the western world. MacTung is one of the world's largest undeveloped high grade tungsten-skarn deposits. Through an affiliate, the Company is also developing downstream product capability.
ON BEHALF OF THE BOARD OF DIRECTORS
"Stephen Leahy"
Stephen M. Leahy
Chairman & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.
THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
INVESTOR CONTACT:
info@natungsten.com,
Phone: +1.604.684.5300
Fax: +1.604.684.2992 |
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