financing newsNorth American Tungsten Corporation Ltd.
Operations Office: Corporate & Shareholder Communication Office:
Box 19, #1400 – 1188 West Georgia Street #11 – 1155 Melville Street
Vancouver, BC V6E 4A2 Vancouver, BC V6E 4C4
Ph. 604-684-5300 Ph. 604-682-1333
Fax 604-684-2992 Fax 604-682-1324
February 16, 2005 TSX Venture Exchange (NTC.V)
Announces Financing To Fund Restructuring Up to $3,750,000 Financing
North American Tungsten Corporation Ltd. (the “Company”) reported today that it has negotiated with insiders and private investors a non-brokered private placement of up to 15,000,000 units at $0.25 per unit for proceeds up to $3,750,000. Each unit will consist of one
common share and ½ share purchase warrant; each whole share purchase warrant will be exercisable into one common share at $0.30 for a period of one year from closing. The proceeds of the Private placement will be used for:
• Approximately $ 2,000,000 to fund the Plan of Compromise and Arrangement as approved by the B.C. Supreme Court (the “Court”) on November 22, 2004;
• Approximately $500,000 to fund current payables which includes Companies Creditors Arrangement Act (CCAA) related professional fees;
• Approximately $ 1,250,000 for working capital.
The Private Placement is subject to regulatory approval.
The Company further announces that it will not be proceeding with the Union Securities Ltd. brokered private placement announced on July 27, 2004 of up to 37,500,000 units.
North American Tungsten Corporation Ltd. is engaged in the acquisition, development and mining of mineral properties, primarily tungsten related. The Company owns 100% of the CanTung mine and the
MacTung deposit located on the border of Yukon and Northwest Territories, Canada. The Company’s tungsten assets represent the Western World’s largest high-grade tungsten reserves and
resources and comprising some 15% of the World’s resource base.
ON BEHALF OF THE BOARD OF DIRECTORS
“Stephen M. Leahy”
Stephen M. Leahy
Chairman & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this
release.
WARNING: The Company relies upon litigation protection for “forward-looking” statements.