North American Tungsten Corporation Ltd.

North American Tungsten Corporation Ltd.

October 28, 2005 15:31 ET

North American Tungsten Corporation Closes $5,008,500 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 28, 2005) - North American Tungsten Corporation Ltd. (the "Corporation") (TSX VENTURE:NTC) announces that it has closed the previously announced private placement financing (see News Release dated October 18, 2005) by Haywood Securities Inc. and Sprott Securities Inc. (collectively the "Agents") pursuant to which the Company has issued 4,770,000 common shares, at a price of $1.05 per common share for gross proceeds to the Company of $5,008,500. The Agents were paid a cash commission and received an option to acquire up to 477,000 common shares at $1.05 until October 28, 2006. The Common Shares and any shares acquired on exercise of the Agents' Warrants are subject to a hold period expiring on March 1, 2006.

The proceeds of the private placement will be used to fund exploration and development of the Company's Cantung Mine as well as for working capital purposes.

On behalf of the Board of Directors

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

WARNING: The Company relies upon litigation protection for "forward-looking" statements.

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

Contact Information

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