TVI Pacific Inc. Announces Advance on Previously Announced Funding Commitment Agreement and Issuance of Promissory Note
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) has received a $196,416.00 loan from Prime Resources Holdings, Inc. under a previously announced funding commitment agreement. The loan is evidenced by an unsecured interest-bearing promissory note maturing in February 2026, with an interest rate of prime plus 2.0% per annum. To date, TVI has borrowed $1,181,348.45 from the lender. The company plans to use the funds for accrued expenses, working capital, and general corporate purposes.
As Prime Resources Holdings is a related party, the transaction is considered a related party transaction under MI 61-101. TVI relied on exemptions from formal valuation and minority shareholder requirements due to the loan's reasonable commercial terms and non-convertible nature.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ha ricevuto un prestito di $196,416.00 da Prime Resources Holdings, Inc. nell'ambito di un accordo di impegno di finanziamento precedentemente annunciato. Il prestito è documentato da un pagherò non garantito e con interesse che scadrà a febbraio 2026, con un tasso d'interesse pari al tasso prime più 2.0% annuo. Ad oggi, TVI ha preso in prestito $1,181,348.45 dal prestatore. L'azienda prevede di utilizzare i fondi per spese accumulate, capitale circolante e scopi aziendali generali.
Poiché Prime Resources Holdings è una parte correlata, la transazione è considerata una transazione con parte correlata ai sensi della MI 61-101. TVI ha fatto affidamento su esenzioni dai requisiti di valutazione formale e di azionisti di minoranza a causa dei ragionevoli termini commerciali del prestito e della sua natura non convertibile.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ha recibido un préstamo de $196,416.00 de Prime Resources Holdings, Inc. bajo un acuerdo de compromiso de financiamiento previamente anunciado. El préstamo está respaldado por un pagaré no garantizado y con interés que vence en febrero de 2026, con una tasa de interés del prime más 2.0% anual. Hasta la fecha, TVI ha solicitado $1,181,348.45 al prestamista. La empresa planea utilizar los fondos para gastos acumulados, capital de trabajo y fines corporativos generales.
Dado que Prime Resources Holdings es una parte relacionada, la transacción se considera una transacción con parte relacionada bajo MI 61-101. TVI se basó en exenciones de los requisitos de valoración formal y de accionistas minoritarios debido a los términos comerciales razonables del préstamo y su naturaleza no convertible.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF)는 Prime Resources Holdings, Inc.로부터 $196,416.00의 대출을 받았습니다. 이는 이전에 발표된 자금 지원 약정에 따른 것입니다. 이 대출은 2026년 2월 만기인 담보 없는 이자 발생 약속어음으로 증명되며, 이자율은 프라임 금리에 연 2.0%가 더해진 것입니다. 현재까지 TVI는 대출자로부터 $1,181,348.45을 대출받았습니다. 회사는 이 자금을 축적된 비용, 운영 자본 및 일반 기업 목적으로 사용할 계획입니다.
Prime Resources Holdings가 관계자인 만큼, 이 거래는 MI 61-101에 따라 관계자 거래로 간주됩니다. TVI는 대출의 합리적인 상업적 조건과 비전환적 성격으로 인해 공식 평가 및 소수 주주 요건에서 면제를 받았습니다.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) a reçu un prêt de 196 416,00 $ de Prime Resources Holdings, Inc. dans le cadre d'un accord de financement précédemment annoncé. Le prêt est documenté par un effet de commerce non garanti et portant intérêt arrivant à échéance en février 2026, avec un taux d'intérêt de prime plus 2,0 % par an. À ce jour, TVI a emprunté 1 181 348,45 $ au prêteur. La société prévoit d'utiliser les fonds pour des dépenses accumulées, du fonds de roulement et pour les besoins généraux de l'entreprise.
Étant donné que Prime Resources Holdings est une partie liée, la transaction est considérée comme une transaction entre parties liées en vertu de la MI 61-101. TVI s'est appuyée sur des exemptions aux exigences d'évaluation formelle et de droits des actionnaires minoritaires en raison des conditions commerciales raisonnables du prêt et de sa nature non convertible.
TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) hat von Prime Resources Holdings, Inc. ein Darlehen in Höhe von $196,416.00 erhalten, das im Rahmen einer zuvor angekündigten Finanzierungszusage gewährt wurde. Das Darlehen wird durch einen unbesicherten, verzinslichen Schuldschein belegt, der im Februar 2026 fällig wird, mit einem Zinssatz von Prime plus 2,0 % pro Jahr. Bis heute hat TVI $1,181,348.45 vom Kreditgeber geborgt. Das Unternehmen plant, die Mittel für aufgelaufene Ausgaben, Betriebskapital und allgemeine Unternehmenszwecke zu verwenden.
Da Prime Resources Holdings eine verbundene Partei ist, wird die Transaktion als Transaktion mit einer verbundenen Partei gemäß MI 61-101 betrachtet. TVI stützte sich auf Ausnahmen von den Anforderungen an eine formelle Bewertung und an Minderheitsaktionäre aufgrund der angemessenen kommerziellen Bedingungen des Darlehens und seiner nicht wandelbaren Natur.
- Secured additional funding of $196,416.00 to support working capital and corporate expenses
- Total borrowing from the lender has reached $1,181,348.45, providing significant financial support
- Loan terms include a reasonable interest rate of prime plus 2.0% per annum
- Loan is unsecured, indicating lender's confidence in the company
- Increasing debt obligations with total borrowing now at $1,181,348.45
- Related party transaction may raise concerns about potential conflicts of interest
- Reliance on exemptions from formal valuation and minority shareholder approval for the transaction
Calgary, Alberta--(Newsfile Corp. - August 28, 2024) - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("TVI" or the "Company") announces that the Company has received the principal amount of
To date,
Related Party Transactions
The Lender is a "related party" of the Company, and the Loan, the entering into the Note and matters relating thereto (the "Transactions") are considered to be "related party transactions" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") requiring the Company, in the absence of exemptions, to obtain a formal valuation and minority shareholder approval, of the related party transactions.
Pursuant to Sections 5.5(b) and 5.7(1)(f) of MI 61-101, the Company relied on exemptions from the formal valuation and minority shareholder requirements, respectively, as, in addition to no securities of the Company being listed or quoted on certain specified exchanges, the Loan is a non-convertible loan obtained on reasonable commercial terms that is not less advantageous to the Company than if the Loan were obtained from a person dealing at arm's length and not repayable, directly or indirectly, in equity or voting securities of the Company or a subsidiary.
The Transactions were approved by the then board of directors of the Company (the "Board"), who were independent for the purposes of the Note, being Messrs. Jan Horejsi, Brian Cramm, and Robert Armstrong. Neither the Company nor, to the knowledge of the Company after reasonable inquiry, the Lender, had or has knowledge of any material information concerning the Company or its securities that has not been generally disclosed. No special committee of the Board was established in connection with the Transactions as the entire Board was engaged in respect thereof, and, other than Messrs. Clifford James, Manuel Paolo Villar and Michael Regino, who abstained from voting on the Transactions, no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
Neither the Company nor any director or senior officer of the Company has knowledge, after reasonable inquiry, of any prior valuation in respect of the Company that relates to the subject matter of or is otherwise relevant to the Transactions, which has been made in the 24 months prior to the date of this News Release. The Company did not file a material change report more than 21 days before the expected closing as the details of the Transactions were not finalized until immediately prior to its issuance, and the Company wished to close the Transactions as soon as practicable for sound business reasons.
About TVI Pacific Inc.
TVI is a Canadian resource company focused on mining projects in the Philippines, one of the most prolifically mineralized countries in the world. TVI maintains a strong presence in the Philippines through its
Contact Information:
Michael G. Regino
Chief Executive Officer
TVI Pacific Inc.
Phone: +632-77288491
E-mail: Michael.Regino@tvird.com.ph
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 include, but are not limited to: statements and information concerning the Company's intended use of the proceeds from the Note; the Company's future activities and operations; and the terms of the Note, including acceleration thereof.
Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company and, in certain cases, information supplied by third parties 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 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 (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the Company being unable to use the proceeds of the Note as described; legal or regulatory impediments regarding the Note, accrued and unpaid interest thereon; the Company defaulting on the Note or the Funding Commitment Agreement and consequences thereof; the proceeds being insufficient for the Company's purposes; the acceleration of maturity of the Note in accordance with the terms thereof upon the occurrence of certain events; the Company's inability to repay the Note on its maturity date or at all; the Company being unable to raise additional funds on terms acceptable to the Company or at all; the availability of future drawdowns under the Funding Commitment Agreement; the value of the Company's assets; the availability of distributions to the Company from its joint venture interest in TVIRD and results of operations thereof; liquidity and results of operations; and general risks such as changes in commodities and base metal prices general economic conditions in the Philippines and elsewhere, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, geopolitical risk, delays or failures to receive Board, shareholder or regulatory approvals, operational risks, risks related to meeting the continued listing requirements of the TSX Venture Exchange, those additional risks described in detail in the Company's Annual Information Form for the year ended December 31, 2023, which was filed on SEDAR+ on April 29, 2024, and is available under the Company's profile at www.sedarplus.ca, 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 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 News Release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221451
FAQ
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