Sorta, this is GREAT NEWS! I cannot believe this mine is starting up so quickly.
If this company can earn $.60 per share in operating profit, it is still grossly under priced. However, as you mentioned, the shares coming off restriction could depress the price.
Are these the shares you are talking about coming off restriction?
NORTH AMERICAN TUNGSTEN CORPORATION LTD. Announces Financing To Fund Restructuring
$5 million to $7.5 million Financing
North American Tungsten Corporation Ltd. (the “Company”) has accepted an offer from the Vancouver office of Union Securities Ltd. (“Union”) to complete a private placement for gross proceeds of a minimum of $5 million and a maximum of $7.5 million. The offering is for up to 37,500,000 units. The offering is available to residents of B.C., Alberta, offshore locations and accredited Ontario residents. Each unit will be sold at $0.20 per unit and consists of one common share and one-half warrant; each whole warrant will be exercisable in to one common share at $0.35 for 12 months.
Union will receive 8% of the offering proceeds and 10% of the units sold in the form of broker’s warrants on the same terms as the warrants attached to the offering. The Company has also agreed to pay to Union a corporate finance fee of $40,000 plus 250,000 shares and expenses. The corporate finance fee is payable on closing of the offering.
The offering is subject to Board and TSX Venture Exchange approval, and to due diligence to be performed by Union.