How Will NTC Pay Off Their Debt?VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2013) - North American Tungsten Corporation Ltd. (TSX VENTURE:NTC) (the "Company") announces today that it has extended the payment date to December 31, 2013, for certain of its debt obligations otherwise due at the end of October.
The Company entered into a forbearance agreement dated October 29, 2013, with holders (the "Secured Parties") of certain convertible debentures which had a maturity date of October 29, 2013. The Secured Parties are owed an aggregate principal amount of US$2,700,000 which will continue to bear interest at a rate of 10.0% per annum.
The Company also entered into a forbearance agreement dated October 31, 2013, with Queenwood Capital Partners II LLC in respect of the Company's obligations under a promissory note in the principal amount of US$4,000,000 which had a maturity of October 31, 2013.
ON BEHALF OF THE BOARD OF DIRECTORS
Kurt E. Heikkila, Chairman and Interim President & CEO
Read more at: https://www.stockhouse.com/news/press-releases/2013/10/31/north-american-tungsten-corporation-announces-extension-of-debt-payment-due#flC2Oe5Ecl8WqqkP.99