North American Tungsten Announces Orders in Proceedings Under CCAA

North American Tungsten Corp (TSXV:NTC) announced the orders that have been made in its proceedings under the Companies’ Creditors Arrangement Act, including an extension of stay to March 31.
As quoted in the press release, the orders are as follows:

a) on November 16, 2015, the Supreme Court of British Columbia made orders:

• extending the stay of proceedings to March 31, 2016
• expanding the powers of Alvarez & Marsal Canada Inc., in its capacity as court appointed monitor (the “Monitor”); and
• authorizing certain equipment financers to take possession of certain equipment that the Company does not require for its care and maintenance operations; and

b) on November 17, 2015, the Supreme Court of British Columbia made an order approving the sale of the Company’s property located in the Selwyn mountain range in an area straddling the territorial border between Yukon and the Northwest Territories to the Government of the Northwest Territories.
As has been previously announced, due to liquidity issues, NATC filed for Court protection under the CCAA on June 9, 2015. In July 2015, the Company sought Court approval of a sale and solicitation process to market and sell the assets of the Company (as amended, the “SISP”), as well as an operating plan that involved transitioning the Cantung mine to care and maintenance if no purchaser was found through the SISP (the “Operating Plan”).
As previously reported, the SISP did not result in a potential transaction and the Monitor terminated the SISP effective October 21, 2015.
In accordance with the Operating Plan, the mill at the Cantung mine site was shut down on October 26, 2015, and transition of the Cantung mine to care and maintenance is expected to be completed on or about November 18, 2015.

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