By Sheri Kasprzak
Atlanta, March 1 - North American Tungsten Corp. Ltd. said it has increased the size of its previously announced private placement to C$4.25 million from C$3.75 million.
The new offering includes up to 17 million units at C$0.25 each. The units are comprised of one share and one half-share warrant.
The whole warrants allow for an additional share at C$0.30 each for one year.
The offering, originally announced Feb. 17, initially called for up to 15 million units under the same terms.
Based in Vancouver, B.C., North American Tungsten acquires, develops and mines minerals, particularly tungsten-related minerals. The company plans to use the proceeds from the offering to fund a plan of compromise and arrangement and to fund current payables. The remainder will be used for working capital.
| Issuer: | North American Tungsten Corp. Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$4.25 million (maximum)
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| Units: | 17 million (maximum)
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| Price: | C$0.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.30
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| Pricing date: | Feb. 17
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| Upsized: | Feb. 28
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| Stock price: | C$0.285 at close Feb. 17
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| Stock price: | C$0.37 at close Feb. 28
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