North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) (the "Company") is pleased to announce that it has closed a non-brokered private placement of 7,000,000 units at a price of CDN$0.38 per unit for proceeds of CDN$2,660,000. Each unit consists of one common share and 2/7 of a share purchase warrant. Each whole share purchase warrant will be exercisable at a price of CDN$1.00 into one common share for a period of five years expiring on October 27, 2015.

 

The warrants issuable under this placement and the common shares are subject to a four-month hold period, pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange, and cannot be traded before February 28, 2011.

 

The proceeds of the private placement will be used for continuing development of the CanTung Mine and general corporate purposes.