TVI Pacific Announces Filing of Audited Annual Financial Statements and Related Documents, and Provides Second Default Status Report
TVI Pacific Announces Filing of Audited Annual
Financial Statements and Related Documents,
and Provides Second Default Status Report
TSX-V
: TVI
OTC Pink
: TVIPF
CALGARY, AB,
July 2, 2020
/CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF)
("
TVI
" or
the "
Company
") is providing this second default status report (the "
Default Status Report
") in
accordance with National Policy 12-203 –
Management
Cease Trade Orders
("
NP 12-203
").
On
June 3, 2020
, the Company announced (the "
Default Announcement
") that, for the reasons
disclosed in the Default Announcement:
the filing of its audited financial statements for the years ended
December 31, 2019
and
December 31, 2018
(the "
Annual Financial Statements
"), and associated Management's
Discussion and Analysis (the "
Annual MD&A
" and, together with the Annual Financial
Statements, the "
Annual Materials
"), would not be completed by the filing deadline, being
June
13, 2020
; and
the filing of its interim financial statements for the quarter ended
March 31, 2020
(the "
Interim
Financial Statements
"), and the associated MD&A (the "
Interim MD&A
" and, together with the
Interim Financial Statements, the "
Interim Materials
" and, together with the Annual Materials,
the "
Required Materials
"), would not be completed by the filing deadline, being
July 14, 2020
.
As a result of these delays, the Company's principal regulator, the Alberta Securities Commission,
has granted a management cease trade order (the "
MCTO
") to the Company. The MCTO restricts
all trading in securities of the Company, whether direct or indirect, by the Chairman, President and
Chief Executive Officer of the Company and the Chief Financial Officer and VP Finance and
Administration of the Company until such time as the Required Materials have been filed by the
Company. The MCTO does not affect the ability of shareholders who are not insiders of the
Company to trade their securities.
The Company wishes to announce that its auditors have now completed the audit of the Annual
Financial Statements. The Annual Materials were filed with the applicable securities regulatory
authorities and are available on the SEDAR database at
www.sedar.com
.
The Company's board of directors and its management confirm once again that they are working
expeditiously to meet the Company's obligations relating to the Interim Materials and the Company
continues to expect to file the Interim Materials on or about
July 31, 2020
.
As required by the alternative information guidelines specified by NP 12-203, the Company reports
that since the Default Announcement and its first default status report of
June 17, 2020
, except as
stated in this Default Status Report, there have not been any changes to the information set out in
the Default Announcement that would reasonably be expected to be material to an investor nor any
failure by the Company to fulfill its intentions as stated therein with respect to satisfying the
provisions of the alternative information guidelines, and there are no additional defaults or anticipated
defaults subsequent to the disclosure therein, other than the delay in filing the Required Materials.
Further, there is no additional material information concerning the affairs of the Company that has
not been generally disclosed and there are no insolvency proceedings against the Company as of
the date of this Default Status Report.
Until the Required Materials have been filed, the Company intends to continue to satisfy the
provisions of the alternative information guidelines set out in NP 12-203 by issuing bi-weekly default
status reports in the form of further press releases, which will also be filed on SEDAR. To the extent
applicable, the Company is scheduled to file its next default status report on or about
July 15, 2020
.
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 expectations
respecting the filing dates of documents and the Company's intentions respecting the satisfaction
of the provisions of the alternative information guidelines set out in NP 12-203.
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;
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/July2020/02/c3777.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 12:23e 02-JUL-20