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| Home : North American Tungsten Completes Loan Arrangement with Existing Customer |
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Dec 21
2013 |
North American Tungsten Completes Loan Arrangement with Existing Customer |
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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. |
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| Source:http://www.marketwired.com/mw/release.do?id=1864856&sourceType=3 |
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