North American Tungsten Corporation Ltd.
TSX VENTURE : NTC

North American Tungsten Corporation Ltd.

September 16, 2008 16:48 ET

North American Tungsten Corporation Ltd. Negotiates US$3,000,000 Convertible Debenture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

NORTH AMERICAN TUNGSTEN CORPORATION LTD. ("NTC" or the "Company") (TSX VENTURE:NTC) 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

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.

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.
    Toni Williamson
    Investor Contact
    Vancouver: (604) 684-5300 / Toronto: (416) 602-2665
    (604) 684-2992 (FAX)
    Email: info@natungsten.com
    Website: www.natungsten.com