TVI Pacific's 30.66% owned TVIRD Announces Final Drawdown of US $28.5 million Term Loan Facility as Construction at its Balabag Gold Project Continues to Proceed
TVI Pacific's 30.66% owned TVIRD Announces
Final Drawdown of US $28.5 million Term Loan
Facility as Construction at its Balabag Gold
Project Continues to Proceed
CALGARY
,
May 12, 2020
/CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF)
("
TVI
" or "
the
Company
") is pleased to announce that TVI Resource Development Phils., Inc. ("
TVIRD
"), a
Philippines
corporation in which TVI holds a 30.66% interest, has completed its seventh and final
drawdown under the previously announced US
$28.5 million
5-year term loan facility (the "
Facility
")
provided by China Banking Corporation. The Facility has been provided specifically to finance
construction of infrastructure at the Balabag gold/silver mining project ("
Balabag
") and is expected
to be sufficient to enable Balabag to become operational. The seventh drawdown is in the amount
of US
$6.5 million
and brings the total drawn to date equal to the total of the available Facility at US
$28.5 million
.
"Balabag is taking shape and continues to move forward despite unanticipated challenges introduced
by the COVID-19 pandemic. This continuing progress is a reflection of the planning and organization
that preceded the commencement of development works and the experience and dedication of the
TVIRD team onsite. We are pleased with the progress and proud of our investment that will further
contribute to the success of TVIRD," said Mr.
Cliff James
, Chairman and CEO of TVI and Chairman
of TVIRD.
About TVI Resource Development Phils., Inc.
TVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining
company that focuses on the acquisition, exploration, development and production of resource
projects in the Philippines. It operates under the highest standards of health and safety practices for
its workers and its host community; and is uncompromising in its best-practices approach to
environmental protection as well as community development. TVIRD has a pool of highly competent
managers, technical personnel and skilled workers with previous experience in gold-silver operation
and owns 100% of the Balabag gold/silver project in addition to 60% interest in Agata Mining
Ventures Inc. ("
AMVI
"), an operation engaged in the profitable activity of shipping Nickel/Iron
mineralized material that commenced in
October 2014
and in which TVIRD is operator. AMVI has
shipped a total of 14.29 million wet metric tonnes through 263 shipments through to
April 30, 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 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 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; the volatility of prices
for certain base and precious metals and other commodities; commodity supply and demand;
fluctuations in currency and interest rates; an inability to procure third party approvals in a timely
manner or on satisfactory terms; new laws and regulations (domestic and foreign); inherent risks
associated with the exploration and development of mining properties; ultimate recoverability of
reserves; production, timing, results and costs of exploration and development activities; political
or civil unrest; TVIRD's overall plans, budget and strategy (which are all subject to change), and
extreme weather conditions and forces of nature (i.e. typhoons, heavy rains, earthquakes, and the
like) that may disrupt operations and exploration.
Accordingly, readers should not place undue
reliance upon the forward-looking statements contained in this material change report and
such forward-looking statements should not be interpreted or regarded as guarantees of
future outcomes.
The Company does not have control over TVIRD nor does it have any involvement in the
management or decisions of TVIRD or control over financial reporting and internal controls of
TVIRD. The Company relies on the internal controls and financial reporting controls of TVIRD and
their failure to maintain effectiveness or comply with applicable standards may adversely affect
TVI.
Various risks to which the Company is exposed in the conduct of its business (including mining
activities) are described in detail in the Company's Annual Information Form for the year ended
December 31, 2018
, which was filed on SEDAR on
April 29, 2019
and is available under the
Company's profile at
www.SEDAR.com
.
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/May2020/12/c6631.html
%SEDAR: 00001837E
For further information:
Contact Information: Patrick Hanna, Chief Financial Officer, TVI Pacific
Inc., Phone: 403-265-4356, E-mail: [email protected]
CO: TVI Pacific Inc.
CNW 07:00e 12-MAY-20