North American Tungsten Corp Ltd (TSX-V: NTC) said it has negotiated a private placement of 40 million shares at a price of C$0.15 each with insiders and private investors, raising C$6 million.
It will use the money as working capital and to repay the C3 million convertible loan.
It also announced the renewal and increase to its credit facilities with HSBC. In addition to the existing facilities, it now has a new C$500,000 non-revolving equipment loan and an increased electronic funds transfer line of up to C$750,000.
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