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TVI Pacific announces issuance of common shares to discharge certain pre-existing obligations
(TSX: TVI) CALGARY, Feb. 20 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company") announced toda...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\nCALGARY, Feb. 20 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")\nannounced today that it has issued 19,902,492 common shares to Seajay\nManagement Enterprises Ltd. ("Seajay") and 17,285,979 common shares to Regent\nParkway Management Ltd. ("Regent"), in partial satisfaction of indebtedness\nowing to them by the Company. In both cases, the shares were issued at a price\nof $0.016.\n\n\nThe distribution of common shares to Seajay and Regent was undertaken\npursuant to the debt conversion agreement ("Debt Conversion Agreement")\nentered into by the Company on January 20, 2009, with Clifford M. James, its\nPresident and Chief Executive Officer, and each of Seajay and Regent (both\ncorporations controlled by Clifford M. James). (Execution and delivery of the\nDebt Conversion Agreement was required by the Omnibus Loan and Security\nAgreement entered into with LIM Asia Multi-Strategy Fund Inc. (previously LIM\nAsia Arbitrage Fund Inc.) and LIM Asia Special Situations Master Fund Limited\non January 20, 2009.)\n\n\nUnder the Debt Conversion Agreement, Seajay and Regent each agreed to\nconvert indebtedness owing to them by the Company into common shares of the\nCompany, subject to the receipt of all necessary regulatory approvals,\nincluding that of the Toronto Stock Exchange ("TSX") and satisfaction of\nvarious other conditions.\n\n\nPrior to the issuance of shares to Seajay and Regent, the aggregate\namount owing by TVI to those corporations was $1,998,916 (in principal).\n$595,016 of that aggregate indebtedness has been retired as a result of the\ndistribution of shares to Seajay and Regent. The Company has been advised\nthat, after giving effect to the issuance of common shares to Seajay and\nRegent, Clifford M. James and those corporations collectively own 63,001,127\ncommon shares of TVI, representing approximately 13.5% of the issued and\noutstanding common shares of the Company.\n\n\nThis news release should be read in conjunction with the releases\ndisseminated by the Company on January 20 and February 9, 2009, (copies of\nwhich are available at www.tvipacific.com) and the Material Change Report and\nrelated documentation filed by the Company with various securities regulators\nin Canada on January 30, 2009, copies of which are available ...