9 June 2015
Vancouver, BC - North American Tungsten Corporation Ltd. ("NATC" or the "Corporation") announced today that it has commenced restructuring proceedings pursuant to an Initial Order granted by the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act ("CCAA") earlier today.
The need for NATC to restructure under the CCAA is attributable to a number of factors including the continuation of low prevailing market prices of APT, high debt service payments, insufficient capitalization, and recent operational issues. Although the Corporation is currently unable to meet all of its past obligations and ongoing financing costs, NATC expects that a financial restructuring will enable it to continue to operate as a going concern and preserve value for stakeholders.