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North American Tungsten Corporation (TSXV:NTC) announced an agreement with Procon Mining & Tunnelling Ltd. for a schedule for payment of final amounts due in respect of a contract under which Procon provided mining services to the Cantung mine. The Company is now using its own workforce for such services.
As quoted in the press release:
The amount due is $4,035,489 which is substantially as included in trade accounts payable in the Company’s last published interim consolidated financial statements. The payment schedule is as described below.
The Company has issued two promissory notes to Procon in connection with the payment schedule as follows:
i. $2,000,000 bearing interest at 8% per annum, maturing December 31, 2014. Interest only is payable on the last day of the month commencing on April 30, 2013 up to and including December 31, 2014.
ii. $2,035,489 bearing interest at 6% per annum, with equal monthly principal installments of $226,166 on the last day of the month commencing on April 30, 2013 up to and including December 31, 2013. Interest is payable on the last day of the month commencing April 30, 2013.
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