September 16, 2008 North American Tungsten Corporation Ltd. Negotiates Us$3,000,000 Convertible Debenture
NORTH AMERICAN TUNGSTEN CORPORATION LTD. ("NTC" or the "Company") is pleased to announce that it has negotiated a one year US$3,000,000 Convertible Debenture financing with two placees. The Convertible Debenture bears interest at 8% per annum, payable quarterly and is convertible (principal and unpaid interest) into common shares of the Company at Cdn $1.00 per share. The conversion rate of $US to Cdn is fixed at US$0.94 for the term resulting in a maximum conversion ratio of 1067 common shares for every US$1000. The proceeds will be used for exploration and development of the MacTung Project, CanTung Mine and general corporate purposes.
The financing is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
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.
INVESTOR CONTACT: Toni Williamson,
Vancouver Office: +1.604.684.5300 Fax: +1.604.684.2992 Toronto Office: +1.416.602.2665
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, 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 UNLESS REGISTERED OR EXEMPT THEREFROM.
You can view the Next News Releases item: Tue Sep 23, 2008, North American Tungsten Corporation Ltd. Closes US$3,000,000 Convertible Debenture
You can view the Previous News Releases item: Thu Aug 28, 2008, North American Tungsten Releases June 30,2008 Third Quarter Financial Results - Producing 16,232 MTU's WO3 And $3 Million Increase In Sales Over The Previous Quarter
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