Mindoro's JV Partner Enters Into Definitive Agreements for Third-Party Financing and Investment in Philippine Assets
17 Dicembre 2013 - 5:21PM
Marketwired
Mindoro's JV Partner Enters Into Definitive Agreements for
Third-Party Financing and Investment in Philippine Assets
CALGARY, ALBERTA--(Marketwired - Dec 17, 2013) - Mindoro
Resources Ltd. (TSX-VENTURE:MIO)(ASX:MDO)(FRANKFURT:WKN 906167)
("Mindoro", or "the Company") advises that its joint venture
partner, TVI Pacific Inc. (TSX:TVI)(OTCQX:TVIPF), has executed
various definitive agreements relating to financing and investment
in TVI and its indirectly held Philippine assets, including
Mindoro's Agata and Pan de Azucar projects, previously announced in
TVI's October 21 and Mindoro's October 24, 2013, news releases.
The parties to the definitive agreements include TVI, Prime
Resources Holdings, Inc. ("PRHI"), an arm's-length Philippines
corporation and wholly-owned subsidiary of Prime Asset Ventures,
Inc., and various subsidiaries/affiliates of TVI.
TVI advises that certain aspects of the proposed transactions
have changed since the October announcements as a result of
transaction structuring and ongoing negotiations among the parties.
The transactions reflected in the definitive agreements (the
"Transactions"), assuming satisfaction or waiver of all conditions
and the occurrence of subsequent closings, are expected to provide
U.S. $10.650 million to TVI and U.S. $11.850 million to TVI
Resource Development (Phils.), Inc. ("TVIRD"), TVI's Philippine
operating affiliate, and various subsidiaries, each before tax and
related fees.
The Transactions will result in PRHI acquiring an approximate 5%
direct equity interest in TVI and a 68.42% direct equity interest
in TVIRD, through which TVI's option to earn 60% interest in
Mindoro's Agata and Pan de Azucar Projects, are held.
About Prime Resources Holdings, Inc.
PRHI is a wholly-owned subsidiary of Prime Asset Ventures, Inc.
("PAVI"). PAVI is a holding corporation of utilities engaged in
various industries which include water distribution infrastructure,
energy and power generation as well as retail distribution, cable
and antennae television, and telecommunications.
Mindoro urges its shareholders and other interested parties to
read TVI's December 11, 2013, press release, available on TVI's
website (www.tvipacific.com) and SEDAR (www.sedar.com), which
contains additional important information about the
Transactions.
Mindoro welcomes the participation of a strong local partner in
developing the Agata Project and meeting our production objectives
in 2014.
On behalf of the Board of Directors,
Tony Climie, CEO
About Mindoro
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange
(MIO), Australian Securities Exchange (MDO) and Frankfurt Stock
Exchange (WKN 906167). Mindoro has a 75% interest and an option to
acquire the remaining 25% in the Agata Nickel Project, Mindanao,
and the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo. TVI
Pacific Inc. has the option to earn up to a 60% interest in these
projects by meeting the earn-in requirements outlined in the June
24, 2013, release. Mindoro also holds a 20.8% stake in ASX listed
Red Mountain Mining (ASX: RMX), which has a 100% direct and
indirect interest in the Batangas gold and copper-gold
projects.
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.
Tony Climie P.Geol., is the CEO of Mindoro Resources Ltd and
has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a qualified person
as defined by National Instrument 43-101. Tony Climie consents to
the inclusion in the report of the matters based on the information
in the form and context in which it appears.
This release may contain forward-looking statements
including management's assessments of future plans and operations,
and expectations of future production. These statements are based
on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks include, but are not
limited to, the risks associated with the mining and exploration
industry (e.g. operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty with respect to results of
exploration, the uncertainty of estimates and projections relating
to production and the uncertainty of the availability of capital).
The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company does not
undertake to update forward-looking statements except where
required to do so by law.
Mindoro Resources Ltd.Australia:Clayton Northey+61 3 9028
8187ir@mindoro.comMindoro Resources Ltd.Canada:Penny
Gould+780.719.8895ir@mindoro.comwww.mindoro.comCHF Investor
RelationsJeanny So+1 416 868 1079 ext. 225
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