TVI Pacific Provides Default Status Report
TVI Pacific Provides Default Status Report
CALGARY, AB
,
June 17, 2020
/CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("
TVI
" or
the "
Company
") is providing this bi-weekly 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 Required Filings
"), 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 Required Filings
" and, together with the Annual
Required Filings, the "
Required Filings
"), would not be completed by the filing deadline, being
July 14, 2020
.
As a result of this delay in filing the Required Filings, 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 Filings 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's board of directors and its management confirm once again that they are working
expeditiously to meet the Company's obligations relating to the Required Filings and the Company
continues to expect to file the Annual Required Filings on or about
July 1, 2020
and the Interim
Required Filings 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, 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 Filings. 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 Filings 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 1, 2020
.
As well, in relation to the Interim Required Filings, the Company continues to rely on Alberta
Securities Commission Blanket Order 51-517 –
Temporary Exemption from Certain Corporate
Finance Requirements
, which provides temporary relief to reporting issuers from certain
requirements of National Instrument 51-102 –
Continuous Disclosure Obligations
("
NI 51-102
"),
including with respect to the Interim Required Filings.
The Company also announces that it will rely on the exemptions provided in Alberta Securities
Commission Blanket Order 51-518 –
Temporary Exemptions from Certain Requirements to File or
Send Securityholder Materials
and similar exemptions provided by members of the Canadian
Securities Administrators in
British Columbia
,
Alberta
,
Saskatchewan
,
Manitoba
,
Ontario
and
Québec to postpone the filing of its executive compensation disclosure for the year ended
December
31, 2019
required under Section 9.3.1(2.2) of NI 51-102.
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/June2020/17/c3035.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 07:00e 17-JUN-20