TVI Pacific Announces Extension of Private Placement
TVI PACIFIC ANNOUNCES EXTENSION OF
PRIVATE PLACEMENT
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
CALGARY, AB
,
Aug. 15, 2023
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("
TVI
" or
the "
Company
") announces that, further to its press release dated
July 31, 2023
, the Company has
received a further extension from the TSX Venture Exchange (the
"TSXV"
) with respect to the
duration of its previously announced non-brokered private placement to Prime Resources Holdings,
Inc., directly or indirectly through one or more of its subsidiaries or affiliates (collectively,
"PRHI"
) of
53,600,000 common shares in the capital of the Company, at a price of
$0.025
per share, for gross
proceeds of
$1,340,000
(or approximately
US$1,000,000
). As such, the outside date upon which
final acceptance of the Private Placement may be granted by the TSXV has been extended to
August 18, 2023
.
The extension of the outside date applies also to the condition by which
Manuel Paolo A. Villar
and
Michael G. Regino
were elected to the Board at the Annual General Meeting of the Company held
June 28, 2023
, whereby it was announced earlier that they shall resign as directors of the Company
if the Private Placement does not close by
July 31, 2023
or if there is a failure to obtain any
regulatory approval or clearance for either Mr. Villar or Mr. Regino to act as a director of the
Company.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on mining projects in
the Philippines
, one
of the most prolifically mineralized countries in the world. TVI currently holds a 30.66% equity
interest in TVIRD, a
Philippines
corporation. Through TVIRD, TVI has ownership in a currently
producing gold mine and is focused on bringing on-stream the Siana gold mine at which equipment
has been rehabilitated and commissioning of the plant has commenced in line with TVIRD's plan to
restart operations.
About Prime Resources Holdings, Inc.
Prime Resources Holdings, Inc. (
"PRHI"
) is a Philippine company organized primarily to hold Mr.
Manuel Paolo A. Villar's
interests in the mining industry. PRHI is the largest and controlling
shareholder of TVIRD, holding 68.42% thereof. PRHI is an affiliate of Prime Asset Ventures, Inc.
(
"PAVI"
), a Philippine company with focus on building and developing critical community
infrastructure. PAVI currently holds major investments in subsidiaries operating in a variety of
industries, including power and water utilities, information technology and telecommunications,
financial services, and broadcast services.
The TSXV has neither approved nor disapproved of the information contained herein.
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 in respect of completion of the Private Placement.
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;
those additional risks set out in TVI's
public documents filed on SEDAR; 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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
www.tvipacific.com
SOURCE
TVI Pacific Inc.
View original content:
http://www.newswire.ca/en/releases/archive/August2023/15/c4030.html
%SEDAR: 00001837E
For further information:
Patrick Hanna, Chief Financial Officer, TVI Pacific Inc., Phone: 403-265-
4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 08:25e 15-AUG-23