Subjects: OFR, PVP
TVI PACIFIC ANNOUNCES EXTENSION OF PRIVATE PLACEMENT
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, AB, July 31, 2023 /CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) ("TVI" or the "Company") announces that, further to its press releases dated May 30, 2023 and June 26, 2023, the Company has received an extension from the TSX Venture Exchange (the "TSXV") with respect to the duration of its previously announced non-brokered private placement to Prime Resources Holdings, Inc., directly or indirectly through one or more of its subsidiaries or affiliates (collectively, "PRHI") of 53,600,000 common shares in the capital of the Company, at a price of $0.025 per share, for gross proceeds of $1,340,000 (or approximately US$1,000,000). As such, the outside date upon which final acceptance of the Private Placement may be granted by the TSXV has been extended to August 14, 2023.
The extension of the outside date applies also to the condition by which Manuel Paolo A. Villar and Michael G. Regino were elected to the Board at the Annual General Meeting of the Company held June 28, 2023, whereby it was announced earlier that they shall resign as directors of the Company if the Private Placement does not close by July 31, 2023 or if there is a failure to obtain any regulatory approval or clearance for either Mr. Villar or Mr. Regino to act as a director of the Company.
TVI Pacific Inc. is a Canadian resource company focused on mining projects in the Philippines, one of the most prolifically mineralized countries in the world. TVI currently holds a 30.66% equity interest in TVIRD, a Philippines corporation. Through TVIRD, TVI has ownership in a currently producing gold mine and is focused on bringing on-stream the Siana gold mine at which equipment has been rehabilitated and commissioning of the plant has commenced in line with TVIRD's plan to restart operations.
Prime Resources Holdings, Inc. ("PRHI") is a Philippine company organized primarily to hold Mr. Manuel Paolo A. Villar's interests in the mining industry. PRHI is the largest and controlling shareholder of TVIRD, holding 68.42% thereof. PRHI is an affiliate of Prime Asset Ventures, Inc. ("PAVI"), a Philippine company with focus on building and developing critical community infrastructure. PAVI currently holds major investments in subsidiaries operating in a variety of industries, including power and water utilities, information technology and telecommunications, financial services, and broadcast services.
The TSXV has neither approved nor disapproved of the information contained herein.
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward-looking statements in this News Release include, but are not limited to, TVI's objectives and intentions in respect of completion of the Private Placement.
Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in certain cases, information supplied by third parties. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. 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. These factors include, but are not limited to, such things as changes in general economic conditions in the Philippines and elsewhere; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board, shareholder or regulatory approvals; those additional risks set out in TVI's public documents filed on SEDAR; and other matters discussed in News Release.
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 the Company does not undertake any obligation to update or to revise any of the included forward-looking statements, except as required by applicable securities laws in force in Canada. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE TVI Pacific Inc.
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