North American Tungsten extends $6.7 million notes' payment due dates

Holders enter forbearance agreement with company

By Angela McDaniels

Tacoma, Wash., Oct. 31 - North American Tungsten Corp. Ltd. extended the payment date to Dec. 31, 2013 for some of its debt obligations otherwise due at the end of October, according to a company news release.

The company entered into a forbearance agreement on Oct. 29 with holders of $2.7 million of convertible debentures which had a maturity date of Oct. 29, 2013. The convertibles will continue to bear interest at 10% per year.

The company also entered into a forbearance agreement on Oct. 31 with Queenwood Capital Partners II LLC for a $4 million promissory note that had a maturity of Oct. 31, 2013.

The company is based in Vancouver, B.C., and mines for tungsten.

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