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PrintNorth American Tungsten is planning to raise approximately CAD$5.5 million from investors to fund additional work on its CanTung Tungsten Mine and MacTung development project; both are located in Canada.
The North American focused tungsten producer recently restarted production at CanTung after prices for tungsten recovered from S185 per metric tonne in 2009 to approximately US$265 per metric tonne earlier this month.
Cantung is the only tungsten mine in North America, and is only one of a handful of tungsten mines outside of China and Russia.
Today the company announced that it would offer convertible debentures to raise up to US$2.85 million.
Each debenture has a 3 year maturity and bears an interest of 10% per annum. The debenture is also convertible at a 45 cents per share until maturity. North American Tungsten additionally announced a non-brokered private placement of 7 million units at 38 cents per share, raising CAD$2.66 million. Each unit consists of one share and 2/7 of a share purchase warrant with an exercise price of CAD$1.00.
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