North American Tungsten cancels private placement and strategic deal with Hunan Nonferrous Metals

North American Tungsten Corp.Ltd. or NTC (NTC.V) announced that it has cancelled private placement of 13.4 million units as part of Strategic Alliance deal with Hunan Nonferrous Metals.

Effective June 2, 2008 the company cancelled exclusivity clause under deal with Hunan Nonferrous to engage in negotiations with additional potential strategic partners. Further, NTC subsequently closed both $5 million brokered flow through financing and US$3 million Convertible Debenture financing.

North American Tungsten said that European APT remains stable at $250 to $255 per metric tonne unit. – RTTNews