TVIRD secures additional project financing of US$3 million
TVI Resource Development Philippines, Inc. and its Canadian affiliate, TVI
Pacific Inc, have announced that they have signed an Amendment Agreement to
the Omnibus Loan and Security Agreement originally signed with LIM Asia Arbitrage
Fund Inc. and LIM Asia Special Situations Master Fund Ltd. (Lenders) on March
11, 2008. The amended loan agreement provides for up to an additional US$5
million in bridge financing of which US$3 million is immediately available
from the Lenders and the additional US$2 million may be secured from a lender
acceptable to the Lenders. The Company intends to drawdown the above proceeds
in the coming weeks. Background information regarding the original bridge
financing agreement is set out in the news release disseminated by the TVI
Pacific on March 13, 2008, and available at www.tvipacific.com.
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The
principal purpose of the Tranche B facility will be to provide TVIRD with working capital funding to further advance the construction of its Sulphide Project at the Canatuan mine site, located in Siocon, Zamboanga del Norte. Photos show construction activities for the buildings that will house the filter press and concentrates (above), and the reagent tanks (below). |
To read the news release, please click below:
