By Sheri Kasprzak
Atlanta, March 16 - North American Tungsten Corp. Ltd. said it will raise C$6.25 million in a private placement of units and flow-through stock.
The offering includes 10 million units at C$0.50 each. The units consist of one share and one half-share warrant.
The whole warrants provide for an additional share at C$0.60 each for two years.
The company also plans to sell 2.5 million flow-through shares at C$0.50 each.
An underwriting syndicate led by Sprott Securities Inc. and Haywood Securities Inc. has a greenshoe for up to 4.5 million additional units.
The offering is expected to close March 30.
Based in Vancouver, B.C., North American Tungsten acquires, develops and mines minerals, especially tungsten.
| Issuer: | North American Tungsten Corp. Ltd.
|
| Issue: | Units of one share and one half-share warrant; flow-through shares
|
| Amount: | C$6.25 million
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| Underwriters: | Sprott Securities Inc. (lead); Haywood Securities Inc. (lead)
|
| Pricing date: | March 16
|
| Settlement date: | March 30
|
| Stock price: | C$0.45 at close March 15
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 10 million
|
| Greenshoe: | Up to 4.5 million units
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.60
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|
|
| Flow-through shares
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| Issue: | Flow-through shares
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| Shares: | 2.5 million
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| Price: | C$0.50
|
| Warrants: | No
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