North American Tungsten Completes Loan Arrangement With Existing Customer
21 Februar 2014 - 11:23PM
Marketwired
North American Tungsten Completes Loan Arrangement With Existing
Customer
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 21, 2014) -
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. The loan of USD$2.5 million matures on March
31, 2017, and 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 of
USD$150,000 due on March 31, 2017. 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.
In addition, the customer has agreed that the existing USD$3.0
million advance from the customer will remain outstanding. The
advance bears interest of 3.0% per annum and interest will be paid
quarterly beginning on March 31, 2014, and continue each quarter
thereafter so long as any amount of the advance is outstanding.
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."
ON BEHALF OF THE BOARD OF DIRECTORS
Kurt E. Heikkila, Chairman & CEO
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term as defined in 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.
North American Tungsten Corporation
Ltd.+1.604.684.5300+1.604.684.2992info@natungsten.com
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