Three Valley Copper Corp - TVCCF STOCK NEWS

Three Valley Copper Corp. announced the bankruptcy liquidation of its subsidiary, Minera Tres Valles SpA, following a declaration from the Civil Courts of Santiago. A liquidator has been appointed to manage MTV's operations and obligations, while Three Valley Copper intends to continue as a public company. The company currently holds approximately USD$5 million in cash, with minimal liabilities and tax pools. Management is expected to reveal its strategy for future operations in the upcoming months.

Three Valley Copper Corp. has announced that its subsidiary, Minera Tres Valles SpA, has filed for bankruptcy liquidation with the Santiago courts. This decision follows a deteriorating liquidity position, despite previous attempts to seek creditor protection. MTV has scaled down operations since January 2022, and it is unable to source long-term financing. The company is expected to continue as a going concern, but a significant decline in MTV's inventory is anticipated. The liquidator will manage MTV's remaining operations and obligations.

Three Valley Copper Corp. (TSXV: TVC, OTCQB: TVCCF) released its operating and financial results for the three and nine months ended September 30, 2022. The company focuses on its primary asset, Minera Tres Valles SpA, located in Salamanca, Chile, which is 95.1% owned by the company. MTV includes the Minera Tres Valles mining complex and 46,000 hectares of exploratory lands. Detailed financial statements and management discussions are available on the company's website and SEDAR.

Three Valley Copper Corp. updates on its 95.1%-owned Minera Tres Valles SpA in Chile amid ongoing judicial restructuring. Since the June 2022 filing for creditor protection, the company has reduced its workforce and is demobilizing contractors. Limited copper cathode production is expected until December 2022, funded by concessions from suppliers and high precipitation aiding heap leaching. However, the company expresses uncertainty regarding long-term financing and potential dilution of ownership in the event of successful debt restructuring. Defaults on senior debt are ongoing.

Three Valley Copper Corp. reported its Q2 2022 financial results, highlighting a net loss of $5.4 million and a gross loss of $5 million. The company faced operational challenges as it ceased mining activities at its Papomono site and initiated a Judicial Restructuring Procedure in Chile due to the inability to secure interim capital support from lenders. Cash resources stood at $6.8 million with a working capital deficit of $83 million. If financing is not secured, liquidation of its subsidiary, Minera Tres Valles, may occur, jeopardizing TVC's investment and control.

Three Valley Copper Corp. announced a delay in the Chilean court's response to Minera Tres Valles SpA's Judicial Restructuring Procedure filed on June 13, 2022. This filing aims to protect MTV from creditors while seeking long-term financing. The court is expected to issue an initial order by the end of July 2022. If denied, MTV could face liquidation, significantly impacting Three Valley Copper's investment. Currently, over half of MTV's 200 employees have been terminated as it conducts a care and maintenance program. The company continues discussions with Senior Lenders to secure additional capital.

Three Valley Copper Corp. announced that its 2022 annual general and special meeting concluded without a quorum, as proxies from shareholders represented only 21.5% of the votes required. Consequently, all matters from the Meeting Information Circular could not be acted upon, leading to the cancellation of the meeting. Following this, directors Liu and Smith resigned from the Board, in line with the intended outcome had a quorum been met. The current slate of directors remains in position until a subsequent meeting is called to address director elections and other business.

Three Valley Copper Corp. announced the adjournment of its 2022 annual general and special meeting of shareholders from June 22 to June 30, 2022. The decision follows an insufficient quorum of 20% of the company's common shares submitted as proxies, which fell short of the required 25%. Shareholders are encouraged to vote by June 29, 2022, at 5:00 PM (Toronto Time). The record date for eligibility remains May 13, 2022. The company emphasizes that the approval of all matters in the Meeting Information Circular is in its best interests.

Three Valley Copper Corp. announced that its subsidiary, Minera Tres Valles SpA (MTV), has filed for a Judicial Restructuring Procedure (JRP) in Chile to seek creditor protection. This filing aims to secure long-term financing and ensure business continuity. MTV's operations will be affected, including a temporary halt in ore processing and possible layoffs of over 200 employees. Current discussions with senior lenders have not yielded support, leading to concerns about future financial stability. If the creditor protection is denied, MTV may face liquidation, significantly impacting Three Valley Copper's investment and control.