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North American Tungsten Corporation Ltd (NATUF)

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Last Post: 5/14/2021 11:03:42 PM - Followers: 23 - Board type: Free - Posts Today: 0


North American Tungsten is BANKRUPT in Canada. All of its assets of value have been liquidated.

Common shareholders will not receive a penny in the bankruptcy, and the common stock is WORTHLESS

The common shares will be cancelled, and anyone holding the common shares will lose 100% of their investment.
NATUF has no assets of any kind remaining, and currently owes over $100 million to creditors. There is zero chance the Company will reorganize. It is being wound-up, and the shares cancelled.

GNWT, feds poised to sell Mactung, Cantung


Just four years after its purchase of the Mactung mineral deposit, the GNWT is prepared to sell its mineral rights jointly with the federal government, which took over the Cantung mine in 2015.

After North American Tungsten Ltd. (NATCL) went bankrupt, the GNWT bought Mactung for $2.5-million in hopes of selling again when tungsten prices rebounded.

NATCL posted the Mactung deposit and exploration site as a security on the Cantung mine, 160 km south.

The GNWT purchased the mineral deposit as a condition of the federal assumption of the Cantung Mine site. The federal government is responsible for mines opened before devolution.

The Cantung mine straddles the border of the NWT and Yukon and is 300 km northeast from Watson Lake, Yukon.

The territorial and federal governments took over Cantung mine and the Mactung mineral deposit in 2015 after North American Tungsten went under creditor protection, owing at least $75-million to more than 200 creditors.

Industry, Tourism and Investment (ITI) Minister Wally Schumann told News/North the territorial government is looking to off-load the property this year, citing positive future growth for the tungsten market.

“Advancing this project would be good for the Northwest Territories. Working in partnership with the federal government to market an attractive package with world-class resources of a commodity on the upswing to private sector players with the skills to develop them is the best way forward,” said Schumann in a news release.

Schumann made a public announcement on the sale at the Association for Mineral Exploration’s 2019 Mineral Roundup, which took place in Vancouver from Jan. 28 to 31.

The Mactung exploration property has attracted anywhere from seven to 10 more interested companies from around the world, said Schumann.

The former mine owner, NATCL, abandoned Cantung Mine and the Mactung exploration site after it went bankrupt in 2015 and was placed under a court-appointed monitor. The company owed more than 200 creditors at least $75-million.

The company was unable to repay its creditors and had $6-million in promissory notes as part of its security.

Neither an environmental assessment nor remediation for Mactung are complete.

The GNWT has spent $126,025 to remove hazardous materials, including a fuel drum, a bag of asbestos waste, containers of oily sludge and bags of calcium chloride. Nine tent frames were dismantled, said ITI spokesperson Joslyn Oosenbrug in an email.

ITI is responsible for the care and maintenance of Mactung, including its mineral lease. Canada is responsible for managing surface lands at Cantung, including care, maintenance and remediation.

The GNWT has administration and control of the mineral rights for Cantung. The NWT Geological Survey has nearly completed its field work to understand the deposit for potential buyers.

If the GNWT does sell the properties jointly with the federal government, it will have to answer questions around environmental liability, said Frame Lake MLA Kevin O’Reilly.

“I’ve got lots of questions, what’s the asking price? Would buyers assume the environmental liabilities of these assets? Are we actually going to be able to recover the cost of this?

“(Mining) does make a contribution, there’s no doubt about that. We just have to be careful how we do it,” he said.

The GNWT has a mandate to create a “sound” financial securities system that prevents public liabilities, said O’Reilly.

“Our government has done nothing, quite frankly,” he said.

The GNWT has yet to make legislative changes to mandate financial securities outside of lands that fall within the Lands Act.

The are no mandatory liabilities on lands inherited through devolution, although land and water boards in the Northwest Territories are in the practice of demanding them, he said.

“It’s still discretionary,” said O’Reilly. “Land and water boards still can hear evidence and recommend financial security but at the end of the day it’s still discretionary. We have a long way to go to ensure there are no more public liabilities.”
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#1028  Sticky Note NATUF shares have no value. The Company is 1manband 10/19/20 09:37:43 PM
#1248   Got it made! Mic dropped Lmao NORTH AMERICAN StockRoomBully 05/14/21 10:11:28 PM
#1247   We Jammin StockRoomBully 05/14/21 09:53:21 PM
#1246   There are no mine operations. It is on 1manband 05/14/21 09:45:10 PM
#1245   $NATUF: HELLLLlllllloooooooo Maybe I should apply and find out makinezmoney 05/14/21 09:41:16 PM
#1244   North American Tungsten hiring 2 position CONGRATS LONGS. StockRoomBully 05/14/21 09:40:12 PM
#1243   $Natuf hiring at Cantung CONGRATS LONGS A-Team StockRoomBully 05/14/21 09:29:01 PM
#1242   There is no news coming. The company is 1manband 05/14/21 08:49:28 PM
#1241   News coming.. Keep dem talking. News data July 2021 StockRoomBully 05/14/21 08:09:46 PM
#1240   Hold for Gold knowledge is power StockRoomBully 05/14/21 07:49:46 PM
#1239   NATUF has been liquidated. It ain't coming back. 1manband 05/14/21 06:09:06 PM
#1238   News coming ... Not done yet. StockRoomBully 05/14/21 05:56:14 PM
#1237   We all here for 1 reason. But let StockRoomBully 05/14/21 05:45:48 PM
#1236   Who is CIRNA?? " Crown-Indigenous Relations and Northern StockRoomBully 05/14/21 05:35:59 PM
#1235   Exactly...and as per below and people need to FosterK 05/14/21 05:25:54 PM
#1234   2. Is a company that files for protection StockRoomBully 05/14/21 05:19:19 PM
#1233   Amen see CCAA rules.. Noticed stay proceeding kept StockRoomBully 05/14/21 04:29:29 PM
#1232   What part of the court documents do you 1manband 05/14/21 04:08:14 PM
#1231   At this point, it's best if we can FosterK 05/14/21 04:04:24 PM
#1230   Hertz reorganized. NATUF was unable to be reorganized, 1manband 05/14/21 03:59:07 PM
#1229   Pump and dump? Hmmmm perhaps you are.. people FosterK 05/14/21 03:54:14 PM
#1228   Yes, we ALL know. That is what the 1manband 05/14/21 03:36:44 PM
#1227   By who? the gov't? and you really think FosterK 05/14/21 03:36:35 PM
#1226   Are you or do you know all of FosterK 05/14/21 03:34:45 PM
#1225   It doesn't matter how much value it does 1manband 05/14/21 03:33:58 PM
#1224   It proves everything. NATUF has NO ownership interest 1manband 05/14/21 03:33:08 PM
#1223   "The company says the mine would pay for FosterK 05/14/21 03:31:03 PM
#1222   Still doesn't prove anything because gov't can still FosterK 05/14/21 03:29:31 PM
#1221   Really? The proof is in the court documents. 1manband 05/14/21 03:28:09 PM
#1220   Well DD seems you are assuming and have FosterK 05/14/21 03:26:20 PM
#1219   One more time. MacTung is no longer owned 1manband 05/14/21 03:22:12 PM
#1218   Hopefully some great news .. read this etc.... FosterK 05/14/21 01:56:57 PM
#1217   Awaiting news.... Lol believe what you want StockRoomBully 05/14/21 10:04:13 AM
#1216   Are you really sure so never say never....people FosterK 05/13/21 06:01:25 PM
#1215   Uh, no. Do you understand how mining works? 1manband 05/13/21 04:06:48 PM
#1214   The government can also get them to FosterK 05/13/21 03:51:38 PM
#1213   Meaning that NATUF doesn't own them anymore? The 1manband 05/13/21 03:38:45 PM
#1212   Mines gone? Meaning? FosterK 05/13/21 03:04:03 PM
#1211   One more time. NATUF has NO commodities. The 1manband 05/13/21 02:59:10 PM
#1210   Interesting and think getting in before it really FosterK 05/13/21 02:32:23 PM
#1209   Whats with the big increase here ? Youngqueen 05/13/21 01:57:51 PM
#1208   Could you forward what you have read and FosterK 05/13/21 09:59:19 AM
#1207   Did you read the documents? The company has 1manband 05/12/21 11:33:14 PM
#1206   You seem to say no one etc a FosterK 05/12/21 11:09:21 PM
#1205   No, it can't. This is being done under 1manband 05/12/21 11:03:40 PM
#1204   I agree and soon enough we’ll see... FosterK 05/12/21 10:43:09 PM
#1203   It could also go as a reverse merger FosterK 05/12/21 10:41:11 PM
#1202   Why don't you actually READ the court documents 1manband 05/12/21 10:17:34 PM
#1201   Do you have any proof so what is FosterK 05/12/21 10:15:01 PM
#1200   YES, they are dead. They are in liquidation. 1manband 05/12/21 10:13:29 PM
#1199   So what does this mean? because the company FosterK 05/12/21 10:00:38 PM
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