By Devika Patel
Knoxville, Tenn., May 19 - North American Tungsten Corp. Ltd. said it has arranged a C$3.25 million private placement of 12.5% secured convertible debentures. It is expected that insiders will subscribe for C$1.1 million of the debentures.
The 26-month debentures are convertible into common stock at C$0.18 per share. They are redeemable at any time after 60 days, provided that the redemption price, which is the greater of C$0.18 per share and the volume-weighted average price for the 10 trading days immediately preceding the redemption date, on the redemption date is not greater than C$0.25 per share.
Proceeds will be used for development of the CanTung Mine and general corporate purposes.
Based in Vancouver, B.C., North American Tungsten is a mining company focused on tungsten and related mineral properties.
| Issuer: | North American Tungsten Corp. Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$3.25 million
|
| Maturity: | 26 months
|
| Coupon: | 12.5%
|
| Price: | Par
|
| Yield: | 12.5%
|
| Conversion price: | C$0.18
|
| Call: | After 60 days
|
| Warrants: | No
|
| Pricing date: | May 19
|
| Stock symbol: | TSX Venture: NTC
|
| Stock price: | C$0.19 at close May 19
|
| Market capitalization: | C$36 million
|
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