North American Tungsten Announces New Loan Facilities

North American Tungsten Corporation Ltd. (TSXV:NTC) announced it has increased its credit facilities with HSBC Bank Canada.

As quoted in the press release,

A new operating loan facility of up to CAD$12,000,000 carrying an interest rate of Banks Prime plus 0.25% per annum for a period of 18 months (June 30, 2013). The loan facility is backed by a Letter of Credit (“L/C”) which is sponsored by two of the Company’s directors (“sponsors”).

The sponsors and the Bank have entered in a “Put” Agreement which may be triggered by the Bank at its sole discretion. The “Put” Agreement is backed by an irrevocable letter of credit from the two sponsors.

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