North American Tungsten Corporation Ltd.
TSX VENTURE : NTC

North American Tungsten Corporation Ltd.

October 18, 2005 13:20 ET

North American Tungsten Corporation Amends Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 18, 2005) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES

North American Tungsten Corporation Ltd. (the "Corporation") (TSX VENTURE:NTC) announces that it has amended the Private Placement announced on October 17, 2005.

The amended agreement with Haywood Securities Inc. and Sprott Securities Inc. (collectively the "Agents"), pursuant to which the Agents will offer on a private placement basis, four million seven hundred and seventy thousand (4,770,000) common shares to be issued by the Corporation at a price of $1.05 per common share (the "Offering Price") for gross proceeds of $5,008,500. The proceeds of the offering will used for general working capital purposes.

The Agents will be paid a cash commission and compensation options will be granted to the Agent for that number of common shares equal to ten percent (10%) of the number of shares issued by the Corporation. Such compensation options shall be exercisable into common shares of the Corporation at a price equal to the Offering Price and have a term of twelve months from the date of closing of the Offering.

The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

This press release, required by applicable Canadian securities law, 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.

On behalf of the Board of Directors

Stephen M Leahy, Chairman & C.E.O.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • North American Tungsten Corporation Ltd.
    Gregory J. Longphee
    V.P. Corporate Development
    (604) 684-5300
    (604) 684-2992 (FAX)
    www.northamericantungsten.com