North American Tungsten Completes Loan Arrangement with Existing Customer
21 Dezember 2013 - 3:13AM
Marketwired
North American Tungsten Completes Loan Arrangement with Existing
Customer
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
North American Tungsten Corporation Ltd. (TSX-VENTURE:NTC) ("NTC"
or "the Company") announces the completion of a USD$2.5 million
loan with a customer and has rolled in an existing USD$2.2 million
advance from the customer into the loan arrangement. The combined
loan of USD$4.7 million matures on December 31, 2018, bears
interest of 3.0% per annum with quarterly interest payments
commencing on March 31, 2014. Equal principal repayments of
USD$293,750 per quarter commence on March 31, 2015 and continue
each quarter thereafter with the final payment on December 31,
2018. The loan agreement contemplates an election right for a
conversion of the indebtedness to a convertible note subject to
receipt of applicable regulatory approvals. The loan is secured by
a subordinate charge on the Company's Mactung property.
Kurt Heikkila, chairman and CEO, commented, "The arrangement
strengthens the relationship with one of our important customers
and we are pleased by the continued support."
ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD.
The Company is a publicly listed Tier 1 Junior Resource Company
engaged primarily in the operation, development, and acquisition of
tungsten and other related mineral properties in Canada. The
Company's 100% owned Cantung mine and Mactung development project
make it one of the few tungsten producers with a strategic asset in
the western world. Mactung is one of the world's largest known
undeveloped high grade tungsten-skarn deposits.
ON BEHALF OF THE BOARD OF DIRECTORS
Kurt Heikkila, Chairman & Interim CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term as defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note: The Company relies upon litigation
protection for "forward-looking" statements.
Safe Harbour Statement under the United States Private
Securities Litigation Reform Act of 1995 and similar Canadian
legislation: Except for the statements of historical fact
contained herein, the information presented contains
"Forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and similar Canadian
legislation. Often, but not always, forward-looking statements can
be identified by the use of words such as "plans", "expects",
"budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", "believes", or variation of such words and phrases
that refer to certain actions, events or results to be taken, and
other factors which may cause the actual results, performance or
achievements of North American Tungsten Corporation Ltd. To be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, the actual results
of reclamation activities, the estimation or realization of mineral
reserves and resources, the timing and amount of estimated future
production, costs of production, capital expenditures, future
prices of commodities, possible variations in ore grade or recovery
rates, efficacy and efficiency of milling process, failure of
plant, equipment or processes to operate as anticipated, accidents,
labour disputes and other risks in the mining industry. Although
North American Tungsten Corporation Ltd. has attempted to identify
important factors that could cause actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There
can be no assurance that such statements will prove to be accurate
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements contained
herein and in North American Tungsten Corporation Ltd.'s other
filing incorporated by reference.
Cautionary Note to United States Investors Concerning
Estimates of Measured, Indicated and Inferred Resources:
This press release may use the terms "measured", "indicated"
and "inferred" Resources. United States investors are advised that
while such terms are recognized and required by Canadian
regulators, the United States Securities and Exchange Commission
does not recognize them. "Inferred Mineral Resources" have a great
amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an Inferred Mineral Resource will ever be upgraded to a
higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to
assume that all or any part of Measured or Indicated Mineral
Resources will ever be converted into Mineral Reserves. United
States investors are also cautioned not to assume that all or any
part of an Inferred Mineral Resource exists, or is economically or
legally mineable.
North American Tungsten Corporation Ltd.Investor
Contact+1.604.684.5300+1.604.684.2992info@natungsten.com
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