Clifford M. James acquires beneficial ownership of additional common shares of TVI Pacific Inc.

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[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\nCALGARY, Feb. 20 /CNW/ - TVI Pacific Inc. ("TVI" or the "Company")\nannounced today that Clifford M. James, the President, Chief Executive Officer\nand a director of the Company, and two corporations controlled by him, Seajay\nManagement Enterprises Ltd. ("Seajay") and Regent Parkway 3202 Management Inc.\n("Regent"), have acquired an aggregate of 37,188,471 common shares in the\ncapital of the Company. Those shares were issued to Seajay (as to 19,902,492\ncommon shares) and Regent (as to 17,285,979 common shares) from the treasury\nof the Company, in partial satisfaction of indebtedness owing to Seajay and\nRegent, respectively, by TVI. Under securities laws in force in Canada, Mr.\nJames is deemed to beneficially own those shares, having regard to his control\nof Seajay and Regent. The issue price of the 37,188,471 common shares of TVI\nwas $0.016 ($595,016 in the aggregate). The 37,188,471 common shares issued to\nSeajay and Regent represent approximately 8% of the total number of issued and\noutstanding shares of the Company as of the date of this Release.\n\n\nIn addition to the 37,188,471 common shares of TVI recently issued to\nSeajay and Regent, Mr. James beneficially owns, or is deemed to beneficially\nown, 63,849,589 common shares of the Company and holds options to acquire up\nto an additional 13,500,000 common shares. As of the date of this Release, Mr.\nJames beneficially owns, or is deemed to beneficially own, approximately 13.7%\nof the total number of issued and outstanding common shares of the Company\n(including common shares held by Seajay and Regent). Assuming exercise in full\nof the options to acquire TVI common shares held by Mr. James, Mr. James would\nbeneficially own, or would be deemed to beneficially own, approximately 16.6%\nof the total number of issued and outstanding common shares of the Company as\nof the date of this Release.\n\n\nThe 37,188,471 common shares of the Company issued to Seajay and Regent\nwere distributed pursuant to a Debt Conversion Agreement, dated January 20,\n2009, between the Company, Mr. James, Seajay, and Regent (the "Debt Conversion\nAgreement"). The Debt Conversion Agreement was entered into in satisfaction of\na condition imposed by lenders under an Omnibus Loan and Security Agreement,\nentered into...

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