North American Tungsten Completes Callidus Capital Corporation Financing
16 Mai 2014 - 1:07AM
Marketwired
North American Tungsten Completes Callidus Capital Corporation
Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2014) -
North American Tungsten Corporation Ltd. (TSX-VENTURE:NTC) ("NTC"
or the "Company") announces the completion of an $11.0 million loan
(the "Callidus Loan") with Callidus Capital Corporation
("Callidus"). The Callidus Loan is for a term of one year,
repayable on demand and bears interest at 18% per annum with
interest payable monthly. Principal repayments of $150,000 per
month commence on July 31, 2014, with the remaining balance due at
maturity. The Callidus Loan is secured by a first charge over
substantially all assets of the Company, excluding the Mactung
Project and all mining and mineral leases, claims and tenures
related thereto.
In December 2013, the Company announced that it had extended its
$12.0 million operating loan facility (the "Operating Loan
Facility") and its $12.0 million working capital loan facility (the
"Working Capital Loan") with HSBC Bank Canada ("HSBC") to June 30,
2014. $5.8 million of the proceeds from the Callidus Loan were used
to repay the outstanding balance of the Operating Loan Facility,
which has been cancelled. Upon repayment, HSBC will discharge the
security it held relating to the Company. $1.0 million of the
proceeds from the Callidus Loan were used to repay certain
equipment loans and capital leases and the remainder is available
for working capital and investment in capital projects. The Company
paid to Callidus a non-refundable facility fee of one percent of
the Callidus Loan, being $110,000. In addition, the Company paid a
finder's fee of $75,000 in connection with the Callidus Loan.
The Company is reviewing alternatives for refinancing the
Working Capital Loan. As previously announced, a director of the
Company (the "Sponsor") and HSBC have a Put Agreement that allows
HSBC to put the outstanding balance under the Working Capital Loan
to the Sponsor. The Company has entered into an agreement with the
Sponsor providing that, if the Working Capital Loan is put to the
sponsor by HSBC, then: (a) the maturity date of the Working Capital
Loan will be extend to no earlier than April 1, 2015; (b) the
interest rate applicable to the Working Capital Loan shall be 12%
per annum; and (c) the Company will pay the Sponsor a $100,000 fee
on account of his costs and expenses related to the assignment of
the Working Capital Loan.
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.Investor
Contact+1.604.684.5300+1.604.684.2992info@natungsten.com
North American Tungsten Corporat (TSXV:NTC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
North American Tungsten Corporat (TSXV:NTC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024