TVIRD signs amendment agreement to extend maturity date on bridge financing
TVI Resource Development (Phils.) Inc. (TVIRD) and its Canadian
affiliate, TVI Pacific Inc., have signed a Third Amendment Agreement to the Omnibus
Loan and Security Agreement (OLSA) originally signed with LIM Asia Arbitrage
Fund Inc. (now LIM Asia Multi-Strategy Fund Inc.), LIM Asia Special Situations
Master Fund Ltd. (collectively, the “Lenders”) and others on March
11, 2008.
affiliate, TVI Pacific Inc., have signed a Third Amendment Agreement to the Omnibus
Loan and Security Agreement (OLSA) originally signed with LIM Asia Arbitrage
Fund Inc. (now LIM Asia Multi-Strategy Fund Inc.), LIM Asia Special Situations
Master Fund Ltd. (collectively, the “Lenders”) and others on March
11, 2008.
The Third Amendment Agreement provides that the maturity date
for both Tranche A and B of the US$20 million facility previously drawn down
by TVIRD will be extended for an additional 30 days, to December 16, 2008. The
previous maturity date of November 16, 2008 was set out in the Second Amendment
Agreement, which was executed on October 10, 2008 by the parties to the OLSA.
In addition, the Third Amendment Agreement provides that all accrued and unpaid
interest on the Tranche A and B facilities as of the original maturity date,
as amended, (US$ 981,410) will be capitalized to form part of the loan principal.
TVIRD advises that it is in discussions with the Lenders with
regard to longer term financing for the Sulphide Project and other investments,
involving, among other things, the possibility of conversion of the Bridge Loan
facility, subject of this news release, into a Term facility. There can be no
assurance that these financing discussions will be successful and that additional
financing will be available to TVIRD on terms acceptable to them.
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Workers
load steel ball into one the Sulphide Project ball mills. |
