TVI Pacific Announces Application for Management Cease Trade Order
TVI Pacific Announces Application for
Management Cease Trade Order
CALGARY
,
June 3, 2020
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTCPINK: TVIPF) ("
TVI
" or
the "
Company
") announced today that it has made an application to the Alberta Securities
Commission to approve a temporary management cease trade order ("
MCTO
") under National
Policy 12-203 –
Management
Cease Trade Orders
("
NP 12-203
"), which, if granted, will prohibit
trading in securities of the Company by certain insiders of the Company, whether direct or indirect.
As previously announced by the Company (on
April 27, 2020
and
May 29, 2020
), due to COVID-19
related restrictions that have continued to delay the audit of the Company's Annual Financial
Statements (as defined below), the Company continues to rely on the blanket orders and similar
instruments (including Alberta Securities Commission Blanket Order 51-517 –
Temporary Exemption
from Certain Corporate Finance Requirements
) granted by various securities regulatory authorities
in
Canada
in late
March 2020
(collectively, the "
Blanket Relief
"), which provide temporary relief to
reporting issuers from certain requirements of National Instrument 51-102 –
Continuous Disclosure
Obligations
("
NI 51-102
"), including the requirement of the Company to file and deliver:
its audited financial statements for the years ended
December 31, 2019
and
December 31,
2018
(the "
Annual Financial Statements
") (under Sections 4.2 and 4.6(3) of NI 51-102,
respectively), and associated Management's Discussion and Analysis (the "
Annual MD&A
" and,
together with the Annual Financial Statements, the "
Annual Required Filings
") (under Sections
5.1(2) and 5.6(1) of NI 51-102, respectively), by
April 29, 2020
, which was the filing deadline
otherwise applicable under NI 51-102; and
its interim financial statements for the quarter ended
March 31, 2020
(the "
Interim Financial
Statements
") (under Sections 4.4 and 4.6(3) of NI 51-102, respectively), and the associated
MD&A (the "I
nterim MD&A
" and, together with the Interim Financial Statements, the "
Interim
Required Filings
") (under Sections 5.1(2) and 5.6(1) of NI 51-102, respectively), by
May 30,
2020
, which is the filing deadline for the Interim Filings otherwise applicable under NI 51-102.
Based on the Company's reliance on the Blanket Relief, the filing deadline applicable to the Annual
Required Filings is
June 13, 2020
(the "
Annual Filing Deadline
"), and the filing deadline applicable
to the Interim Required Filings is
July 14, 2020
(the "
Interim Filing Deadline
"). The Company is
unable to file (i) the Annual Required Filings before the Annual Filing Deadline, and (ii) the Interim
Required Filings before the Interim Filing Deadline.
The Company's external auditors in
the Philippines
have continued to be delayed in their efforts to
conclude various audit procedures due to the State of Emergency and Enhanced Community
Quarantine Measures announced by
the Philippines
government. Notwithstanding the foregoing, the
Company remains confident in its ability to complete the required filings but requires a brief extension
and has therefore applied for an MCTO.
Subject to the ability of the Company's external auditors to complete their audit in
the Philippines
,
the Company anticipates that it will be a position to remedy the default by: (i) filing the Annual
Required Filings on or about
July 1, 2020
; and (ii) filing the Interim Required Filings on or about
July
31, 2020
. The MCTO will be in effect until the Annual Required Filings and the Interim Required
Filings are filed.
The Company intends to satisfy the provisions of the alternative information guidelines set out in
Sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
Except as previously announced by the Company (on
May 29, 2020
), there have not been any
material business developments since
September 30, 2019
(being the date of the last interim
financial statements filed by the Company with various securities regulatory authorities in
Canada
).
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the acquisition of resource projects in
the
Asia Pacific
region. TVI currently holds a 30.66% equity interest in TVI Resource Development
Phils, Inc. ("
TVIRD
") and a 2.95% equity interest in Integrated Green Energy Solutions Ltd., a
publicly listed company incorporated in
Australia
with shares listed on the ASX. Integrated Green
Energy Solutions Ltd. is engaged in the commercialization of technologies to convert waste plastics
to fuel in
Australia
and internationally. TVI's other holdings include a 14.4% equity interest in Mindoro
Resources Ltd. and a 100% investment in shares of TG World. As at the date of this announcement,
TVI has 655,537,039 outstanding common shares and 696,887,039 fully diluted including the
currently issued outstanding options of 41,350,000.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release constitutes forward-looking information. Forward-
looking statements are often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might",
"should", "believe", "scheduled", "to be", "will be" and similar expressions. Forward-looking
statements in this News Release are based upon the opinions and expectations of management of
the Company as at the effective date of such statements. Although the Company believes that the
expectations reflected in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that those expectations will prove to have been correct.
Forward-looking statements are subject to certain risks and uncertainties (known and unknown)
that could cause actual outcomes to differ materially from those anticipated or implied by such
forward-looking statements. Forward-looking statements in this News Release include, but are not
limited to, TVI's objectives and intentions.
Forward-looking statements are based upon the opinions and expectations of management of the
Company as at the effective date of such statements and, in certain cases, information supplied by
third parties. Although the Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and that information received from third
parties is reliable, it can give no
assurance that those expectations will prove to have been correct
.
Forward-looking statements are subject to certain risks and uncertainties that could cause
actual events or outcomes to differ materially from those anticipated or implied by such
forward-looking statements.
These factors include, but are not limited to, such things as changes
in general economic conditions in
the Philippines
and elsewhere; litigation, legislative,
environmental and other judicial, regulatory, political and competitive developments; delay or
failure to receive board, shareholder or regulatory approvals; the ability of the Company's external
auditors to complete their audit in
the Philippines
;
risks relating to widespread epidemics or
pandemic outbreaks, including the COVID-19 pandemic; those additional risks set out in TVI's
public documents filed on SEDAR
www.SEDAR.com
; and other matters discussed in News
Release.
Accordingly, readers should not place undue reliance upon the forward-looking statements
contained in this News Release and such forward-looking statements should not be
interpreted or regarded as guarantees of future outcomes
.
The forward-looking statements contained in this News Release are made as of the date hereof
and the Company does not undertake any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable securities laws in force in
Canada
.
The forward-looking statements contained herein are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
TVI Pacific Inc.
View original content:
http://www.newswire.ca/en/releases/archive/June2020/03/c8071.html
%SEDAR: 00001837E
For further information:
Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-
4356, E-mail: [email protected], www.tvipacific.com
CO: TVI Pacific Inc.
CNW 12:49e 03-JUN-20