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| Home : NATC Announces Approval of Interim Financing in Proceedings Under the Companies' Creditors Arrangement Act |
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Jul 11
2015 |
NATC Announces Approval of Interim Financing in Proceedings Under the Companies' Creditors Arrangement Act |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 10, 2015) - North American Tungsten Corporation Ltd. ("NATC" or the "Company") (TSX VENTURE:NTC) announced today that it has entered into a $2.5 million interim financing (the "Interim Facility") with Callidus Capital Corporation ("Callidus"), which was approved by the Supreme Court of British Columbia (the "Court") on July 9, 2015.
Under the terms of the Interim Facility, Callidus has agreed to lend to the Company $2.5 million, to be drawn down in accordance with the Company's cash flow statement that has been provided to Callidus. The interest rate for the Interim Facility is 21% per annum, subject to an additional 2% default interest rate. The Interim Facility will mature on the earlier of November 15, 2015 and the end of the stay of proceedings pursuant to the initial Court order (the "Initial Order") under the Companies' Creditors Arrangement Act ("CCAA"). The Interim Facility is secured by a first-ranking super priority charge against all assets of NATC. The Company also entered into a forbearance agreement (the "Forbearance Agreement") with Callidus pursuant to which the Company has agreed to continue to make payments to Callidus in respect of its existing loans and other covenants in return for Callidus forbearing from exercising its rights and remedies under its existing loans. |
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| Source:http://www.marketwired.com/mw/release.do?id=2037467&sourceType=3 |
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