North American Tungsten Corporation Ltd. announced the completion of an $12.0 million loan with Queenwood Capital Partners II LLC, to replace its $12.0 million working capital loan facility with HSBC Bank Canada which expired June 30, 2014. The maturity date for the Queenwood II Loan is October 1, 2015. Interest is payable on the Queenwood II Loan at the rate of 12% per annum, and such interest is payable by the Company quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, with any remaining accrued and unpaid interest payable on the Maturity Date.

The Queenwood II Loan is secured by a charge over all of the assets of the Company pursuant to a general security agreement. Two directors of the Company, Ronald Erickson and Kurt Heikkila, collectively own all of the issued and outstanding units of Queenwood II.