North American Tungsten Announces New Loan Facilities
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/13/11 -- North American Tungsten Corporation Ltd. (TSX VENTURE: NTC) (the "Company") is pleased to announce:
NEW LOAN FACILITIES
The Company has increased its credit facilities with HSBC Bank Canada (the "Bank") including:
The sponsors and the Bank have entered in a "Put" Agreement which may be triggered by the Bank at its sole discretion. The "Put" Agreement is backed by an irrevocable letter of credit from the two sponsors.
In exchange for entering into the Put Agreement and funding the L/C the Company agreed to compensate the two sponsors in the following manner;
Stephen Leahy, Chairman & CEO stated that, "The Company has for some time, been seeking outside working capital financing and this transaction is the most non-dilutive, economical and least financially burdensome of the various options. We believe that this financing will provide working capital to fund the continued development of the CanTung Mine. We appreciate the support of the sponsors in facilitating the transaction to obtain terms much more favourable then the Company would have been able to obtain without their support."
ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD.
The Company is the 100% owner of the CanTung Mine and the MacTung development project in Canada. It is one of the largest producers of tungsten concentrates in the western world. MacTung is one of the world's largest undeveloped high grade tungsten-skarn deposits.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen M. Leahy, Chairman & CEO
Cautionary Note: The Company relies upon litigation protection for forward-looking statements.
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.
Contacts:
North American Tungsten Corporation Ltd.
Jason Roy - Investor Contact
Cell: +1-514-240-7662
Tel: +1-647-780-2837
or
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 13.10.2011 - 09:30 Uhr
Sprache: Deutsch
News-ID 75637
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
Diese Pressemitteilung wurde bisher 147 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"North American Tungsten Announces New Loan Facilities"
steht unter der journalistisch-redaktionellen Verantwortung von
North American Tungsten Corporation Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
