Welcome!

News Feed Item

North American Tungsten Obtains Regulatory Approval for Conversion of Debentures

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/24/14 -- North American Tungsten Corporation Ltd. (TSX VENTURE: NTC) ("NTC" or "the Company") announces today that is has obtained approval from the TSX Venture Exchange ("TSX-V") for the conversion right (the "Conversion Right") to a principal amount of US$9 million of debentures previously issued on December 31, 2013, and on January 15, 2014 (the "Convertible Debentures"). The Convertible Debentures will be convertible into common shares of NTC ("NTC Shares") at a price equal to CAD$0.12 per NTC Share. The Convertible Debentures apply a fixed exchange rate of CDN$1 = US$0.94. The Company obtained shareholder approval relating to the Conversion Right at its annual general meeting of shareholders held on February 21, 2014.

As a result of the Conversion Right, the following persons hold the following number or principal amount of NTC securities and NTC securityholding percentages:

----------------------------------------------------------------------------
                                                                           %
                                                                      of the
                                                                      issued
                                                                         and
                                  %                                     out-
                             of the                                 standing
                             issued                          Fully       NTC
                  Current       and                        Diluted    Shares
                   Share-      out-       Principal         Share-      on a
                 holdings  standing       Amount of       holdings     fully
                   of NTC       NTC      Debentures         of NTC   diluted
                   Shares    Shares           (US$)         Shares     basis
----------------------------------------------------------------------------
Ronald A.
 Erickson
 and Kurt
 Heikkila(1)
 (2)           42,597,902     17.9%   US$862,500(4) 111,695,240(5)     36.4%
----------------------------------------------------------------------------
Queenwood
 Capital
 Partners II
 LLC(2)               Nil       Nil US$6,300,000(4)     55,851,063     19.0%
----------------------------------------------------------------------------
David S.
 Erickson(3)   20,639,071      8.7%   US$600,000(4)     25,958,220     10.7%
----------------------------------------------------------------------------

Notes:
(1) Ronald A. Erickson and Kurt Heikkila are deemed to act jointly and in
concert. NTC Shares held by Queenwood Capital Partners II LLC ("Queenwood
II") are deemed to be held by each of Mr. Ronald A. Erickson and Mr. Kurt
Heikkila. Queenwood II is an entity owned as to 50% by each of Ronald A.
Erickson and Kurt Heikkila.
(2) The address for Ronald A. Erickson, Kurt Heikkila and Queenwood II is
4567 American Boulevard, West Bloomington, MN 55437.
(3) The address for David S. Erickson is 8000 Norman Center Drive, Suite
620, Bloomington, MN 55437
(4) The Debentures apply a fixed exchange rate of CDN$1 = US$0.94.
Therefore, the Debentures held directly and indirectly by Ronald A. Erickson
and Kurt Heikkila are in the principal amount of CAD$917,553; the Debenture
held by Queenwood II is in the principal amount of CAD$6,702,128; and the
Debentures held directly and indirectly by David S. Erickson are in the
principal amount of CAD$638,298.
(5) Inclusive of NTC Shares held by Queenwood II on a fully diluted basis as
well as options and warrants held by Ronald A. Erickson and Kurt Heikkila.

QUEENWOOD CAPITAL PARTNERS II LLC

Two directors of the Company, Ronald A. Erickson and Kurt Heikkila, collectively own all of the issued and outstanding units of Queenwood II. As of the date hereof, Ronald A. Erickson and Kurt Heikkila, jointly own or control a total of 42,597,902 NTC Shares, representing approximately 17.9% of the issued and outstanding NTC Shares (calculated on a non-diluted basis of 238,123,058 NTC Shares issued and outstanding, as per the disclosure provided in the Company's management information circular, dated January 20, 2014).

As a result of the Conversion Right and other convertible securities, on a fully diluted basis, the shareholdings of Ronald A. Erickson and Kurt Heikkila have increased to 111,695,240 NTC Shares, or 36.4% of the issued and outstanding NTC Shares on a fully diluted basis, inclusive of NTC Shares held by Queenwood II. As a result of the Conversion Right, on a fully diluted basis, the shareholdings of Queenwood II have increased to 55,851,063 NTC Shares, or 19.0% of the issued and outstanding NTC Shares on a fully diluted basis.

Each of Ronald A. Erickson, Kurt Heikkila and Queenwood II's purpose in acquiring the Debentures was to provide working capital to the Company and to increase their respective investments in the Company. Any of Ronald A. Erickson, Kurt Heikkila and Queenwood II may from time to time acquire additional securities of the Company, dispose of some or all of the existing or additional securities they hold or will hold, or may continue to hold their current positions, as investment conditions warrant.

ABOUT QUEENWOOD CAPITAL PARTNERS II LLC

Queenwood Capital Partners II LLC is a limited liability company incorporated in Minnesota having an office at 4567 American Boulevard, West Bloomington, MN 55437. For further information on Queenwood II please contact: Kurt Heikkila at [email protected].

NONCONVERTIBLE DEBENTURES

The Company did not obtain TSX-V approval for a principal amount of US$2 million of debentures previously issued on December 31, 2013, to Ronald A. Erickson and Kurt Heikkila (the "Nonconvertible Debentures"). As a result, the interest rate on the Nonconvertible Debentures will increase to 18% per annum in accordance with the terms of the Nonconvertible Debentures.

ON BEHALF OF THE BOARD OF DIRECTORS

Kurt E. Heikkila, Chairman and Interim President & CEO

ABOUT NORTH AMERICAN TUNGSTEN CORPORATION LTD.

The Company is a publicly listed Tier 1 Junior Resource Company engaged primarily in the operation, development, and acquisition of tungsten and other related mineral properties in Canada. The Company's 100% owned CanTung mine and MacTung development project make it one of the few tungsten producers with a strategic asset in the western world. MacTung is one of the world's largest known undeveloped high grade tungsten-skarn deposits.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term as defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note: The Company relies upon litigation protection for "forward-looking" statements.

Safe Harbour Statement under the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation: Except for the statements of historical fact contained herein, the information presented contains "Forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and similar Canadian legislation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", or variation of such words and phrases that refer to certain actions, events or results to be taken, and other factors which may cause the actual results, performance or achievements of North American Tungsten Corporation Ltd. to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the actual results of reclamation activities, the estimation or realization of mineral reserves and resources, the timing and amount of estimated future production, costs of production, capital expenditures, future prices of commodities, possible variations in ore grade or recovery rates, efficacy and efficiency of milling process, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes and other risks in the mining industry. Although North American Tungsten Corporation Ltd. has attempted to identify important factors that could cause actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein and in North American Tungsten Corporation Ltd.'s other filing incorporated by reference.

Contacts:
North American Tungsten Corporation Ltd.
Investor Contact
1.604.684.5300
1.604.684.2992 (FAX)
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"Storpool does only block-level storage so we do one thing extremely well. The growth in data is what drives the move to software-defined technologies in general and software-defined storage," explained Boyan Ivanov, CEO and co-founder at StorPool, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Sometimes I write a blog just to formulate and organize a point of view, and I think it’s time that I pull together the bounty of excellent information about Machine Learning. This is a topic with which business leaders must become comfortable, especially tomorrow’s business leaders (tip for my next semester University of San Francisco business students!). Machine learning is a key capability that will help organizations drive optimization and monetization opportunities, and there have been some...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.