Original debt of US$30.1 million reduced to US$10.3 million
In addition to the principal prepayment amount of US$6.0 million, accrued interest, advisory fees and a premium for the right to make the prepayment brought the total cash payment made by TVIRD to US$8.0 million.
|
Above, the TVIRD Canatuan Sulphide Plant ball mill and below, the company’s ongoing drilling operations at Balabag. From a $30.1 million five-year term loan secured in early 2009, TVIRD’s debt is now down to $10.3 million in just over a year.
|
“The cash flows generated from our Canatuan Mine have had a significant impact on reducing the Company’s outstanding debt,” said Cliff James, Chairman of TVIRD and President and CEO of TVI Pacific Inc, the Canadian affiliate of TVIRD. “Not only are we able to make this third payment comfortably, we also continue to fast-track development drilling at Balabag, pursue mine life expansion opportunities at Canatuan and advance plans to resume exploration activities at Tamarok”.