TVI Pacific’s 30.66% owned TVIRD Announces Final Drawdown
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.
Source: TVI Pacific Inc.