NATC Granted Approval of Sale and Investor Solicitation Process; Receives Extension of Stay Under CCAA

North American Tungsten Corporation Ltd. (TSXV:NTC) announced that it will begin a sale and investor solicitation process now that it has gained approval by an order of the Supreme Court of BC. The Court also extended the stay and other relief under the Companies’ Creditors Arrangement Act (CCAA) to October 31.
As quoted in the press release:

While under CCAA protection, creditors and others are stayed from pursuing any claims or enforcing any rights against NATC.
Due to liquidity issues, NATC filed for Court protection under the CCAA on June 9, 2015. Since that time, NATC has stabilized the business and secured interim financing, the details of which were previously announced, and which was approved by the Court on July 9, 2015. With the benefit of the CCAA, the interim financing and the current extension to October 31, 2015, NATC expects operations will continue uninterrupted and all obligations to employees and suppliers of goods and services provided after the filing date will continue to be met.
The extension and protection under the CCAA will allow NATC to continue with its current operating plan while inviting offers of purchase of the Company’s assets, property and business or for an investment in the Company. Alvarez & Marsal Canada Inc. is acting as Court Appointed Monitor (the “Monitor”) under the CCAA and will oversee the sale and investment process.

Click here to read the full North American Tungsten Corporation Ltd. (TSXV:NTC) press release.