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North American Tungsten Corporation Ltd NATUF

North American Tungsten Corp Ltd is a Canadian based exploration and development company. It is engaged in the exploration, development, and operation of mineral properties. The company produces, processes, and sells tungsten concentrate. Its project portfolio includes Cantung mine site and Mactung deposit projects.


GREY:NATUF - Post by User

Post by RGS1on Mar 15, 2005 10:27pm
146 Views
Post# 8757723

$4.5 mil raised !!!!!!!!

$4.5 mil raised !!!!!!!!N.A. Tungsten closes $4.25-million private placement 2005-03-15 19:24 ET - News Release Mr. Stephen Leahy reports North American Tungsten Corp. Ltd. has closed its previously announced (see news in Stockwatch dated Feb. 16, 2005, and Feb. 28, 2005), private placement of 17 million units at 25 cents per unit for proceeds of $4.25-million. Each unit consists of one common share and one-half share purchase warrant; each whole share purchase warrant will be exercisable into one common share at 30 cents expiring on March 14, 2006. Insiders of the company will be participating in the private placement. The proceeds of the private placement will be used for: approximately $2-million to finance the plan of compromise and arrangement as approved by the B.C. Supreme Court on Nov. 22, 2004; approximately $500,000 to finance current payables which includes Companies' Creditors Arrangement Act-related professional fees; approximately $1.25-million for working capital; and approximately $500,000 toward Cantung mine site recommissioning. Two directors of the company participated in the private placement. The 17 million units are subject to a hold period of four months and one day, expiring on July 16, 2005. We seek Safe Harbor.
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