TVI Pacific Arranges Loan to Joint Venture Partner and Amends Earn-In Terms
24 Giugno 2013 - 2:30PM
OTC Markets
TVI Pacific Arranges Loan to Joint Venture Partner and Amends
Earn-In Terms
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TVI Pacific Arranges Loan to Joint Venture Partner and Amends
Earn-In Terms
Canada NewsWire
CALGARY, June 24, 2013
TSX: TVI OTCQX: TVIPF
CALGARY, June 24, 2013 /CNW/ - TVI Pacific Inc.
(TSX:TVI) (OTCQX:TVIPF) ("TVI" or the "Company") announced
today it has agreed to loan,
pursuant to a secured promissory note, up to CAD $1.3 million to joint
venture partner Mindoro Resources Ltd. (TSXv: MIO; ASX: MDO)
("Mindoro"). The loan will be used by Mindoro to help fund
its
operations for the next twelve months and to finance an initial
acquisition payment to Minimax Mineral Exploration Corporation
("Minimax") for Mindoro to acquire the remaining 25% interest in
the
Agata project. Mindoro currently holds a 75% interest in the
Agata
project and is negotiating an option to acquire the additional 25%
from
its partner Minimax. Minimax is a private Philippine company
based in
Makati City, Philippines that
provides mineral and precious metal
exploration and mining services.
TVI and Mindoro Resources have signed four joint venture
agreements,
previously announced on October 1,
2012, relating to the Agata and Pan
de Azucar mining projects located in the
Philippines on the Islands of
Mindanao and Panay, respectively. The joint ventures present
TVI with
multiple growth opportunities for near-term and medium-term cash
flow
generating potential. Under the agreements TVIRD, TVI's
Philippine
affiliate, has the opportunity to earn up to a 60% interest and
will
act as operator of the projects. The balance of the interest
is held
by Mindoro and Minimax, from whom Mindoro is negotiating to acquire
the
additional interest that would increase Mindoro's share to 40% in
the
Agata high iron laterite direct shipping operation (DSO), limestone
DSO
operation, and Agata processing operation.
As previously disclosed in February
2013, the Agata Nickel Project is
being advanced under the following two stage development
objective:
Stage 1: Undertake a feasibility study and permitting for a DSO
project,
leading, subject to economic viability, to commencing a DSO
operation
in late 2013.
Stage 2: Advance preferred processing technology to pilot
testing,
followed by a definitive feasibility study by the end of 2013.
As
previously disclosed on June 6, 2013,
TVI has commenced pilot-plant
testing which will further define the technological parameters to
be
used in producing a Bankable Feasibility Study.
Terms of the Promissory Note
TVI may advance up to CAD $1.3
million to Mindoro pursuant to an agreed
upon schedule of monthly draws. Funds will be repayable within
twelve
months of the first draw down or may be repaid earlier, together
with
interest and without penalty. Interest will be calculated at
a minimum
of 15% per annum. The promissory note is secured by shares
in
Mindoro's wholly owned subsidiary, MRL Nickel Philippines
Inc.
Joint Venture Amendments
TVI and Mindoro have also agreed to amend the following terms of
the
original joint venture agreements (full terms of the original
joint
venture agreements are available in the Company's July 6 and October 1,
2012 press releases):
TVI's contributions to the Agata Mining Joint Venture and Agata
Processing Joint Venture will be for shares in the applicable
joint
venture, rather than as paid in capital, with such shares to be
issued
as earned and placed in escrow until TVI's full 60% interest is
earned. TVI will not retain any interest in the Agata Mining
Joint
Venture if it withdraws prior to commencing a DSO operation and
will
not retain any interest in the Agata Processing Joint Venture if
it
withdraws prior to completing a Definitive Feasibility Study.
TVI's minimum spending commitments pursuant to the Pan de
Azucar Joint
Venture agreements are extended by one year, from
December 31, 2013, to
December 31, 2014.
"This transaction demonstrates the confidence and continued support
TVI
has for our joint venture partner Mindoro Resources," said
Cliff James,
Chairman and CEO of TVI Pacific Inc. "Providing Mindoro with
the
resources to secure a 100% interest in Agata will provide us
the
ability to maximize the potential value of the project that our
operations team has been advancing since the formation of our
joint
venture."
About TVI Pacific Inc.
TVI Pacific Inc. is a publicly-traded Canadian company that is
focused
on the production, development, exploration and acquisition of
resource
projects in the Philippines and
Southeast Asia. TVI produces
copper and
zinc concentrates from its Canatuan mine. TVI is a
partner/operator in
several joint venture projects in the
Philippines and Papua New
Guinea
and also has an interest in an offshore Philippine oil
property.
The Toronto Stock Exchange has neither approved nor disapproved
of the
information contained herein.
Forward-Looking Statements: This news release contains certain
forward-looking information (referred to herein as
"forward-looking statements") within the meaning of
applicable Canadian securities laws.
Forward-looking statements are often, but not always, identified by
the
use of words such as "anticipate", "plan", "intend",
"estimate",
"scheduled", "expect", "may", "will", "should", or similar
words
suggesting future activities or outcomes. 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. 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 TVI does not undertake any obligation to
update
publicly or to revise any of the included forward-looking
statements,
except as required by applicable Canadian securities law. The
forward-looking statements contained herein are expressly qualified
by
this cautionary statement.
SOURCE TVI Pacific Inc.
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