TVIRD secures additional bridge financing to continue construction of Sulphide plant at Canatuan
LIM Asia Special Situations Master Fund Ltd. (the Fund) has
provided US$2 million in additional bridge loan funds to TVI Resource Development
(Phils.) Inc. (TVIRD), to permit continued construction of the company’s
Sulphide Project through to the start-up of copper concentrate production, which
is scheduled for mid-November, 2008.
provided US$2 million in additional bridge loan funds to TVI Resource Development
(Phils.) Inc. (TVIRD), to permit continued construction of the company’s
Sulphide Project through to the start-up of copper concentrate production, which
is scheduled for mid-November, 2008.
An Amendment Agreement to the Omnibus Loan and Security Agreement,
originally signed with LIM Asia Arbitrage Fund Inc. (now LIM Asia Multi-Strategy
Fund Inc.) and LIM Asia Special Situations Master Fund Ltd. on March 11, 2008,
provided for up to an additional US$5 million in bridge financing (Tranche B),
of which US$3 million was transferred on October 15, 2008. The remaining US$2
million was made available by the LIM Asia Special Situations Master Fund Ltd.
on November 7, 2008, as the Fund elected to take up the full $5 million of the
Tranche B loan.
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Workers
make final adjustments on the Sulphide plant primary ball mill. |
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