June 16, 2013 21:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2013) - North American Tungsten Corporation Ltd. (the "Company") (TSX VENTURE:NTC) is pleased to announce:
The Company has extended its CAD$12,000,000 working capital loan facility (the "Loan") with HSBC Bank Canada (the "Bank") until December 31, 2013.
A US$12,000,000 Letter of Credit ("L/C") backing the Loan is sponsored by two directors of the Company (the "Sponsors") and has been extended for the same period. The Sponsors and the Bank have similarly extended a "Put" Agreement that allows the Bank to exchange the outstanding balance under the Loan with the Sponsors for up to the US$12,000,000 L/C.
In exchange for extending the Put Agreement and the L/C, the Company has agreed to compensate the two Sponsors in the following manner;
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Kurt Heikkila, 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.
North American Tungsten CorporationInvestor Contact+1.604.684.5300+1.604.684.2992 (FAX)email@example.com
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