Business
TVI PACIFIC ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF COMMON SHARES FOR AGGREGATE PROCEEDS OF CDN $1,340,000
TVI PACIFIC ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF COMMON SHARES FOR AGGREGATE PROCEEDS OF C...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n \n \n \n TVI PACIFIC ANNOUNCES NON-BROKERED PRIVATE PLACEMENT OF COMMON SHARES FOR AGGREGATE PROCEEDS OF CDN $1,340,000\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n \n \n \n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 30, 2023\n \n \n /CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) (\"\n \n TVI\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has entered into a binding term sheet (the \"\n \n Term Sheet\n \n \"), dated\n \n May 29, 2023\n \n , which sets out certain terms of the proposed transaction (the \"Proposal\") involving Prime Resources Holdings, Inc., directly or indirectly through one or more of its subsidiaries or affiliates (collectively, \"\n \n PRHI\n \n \"). The proposed transactions contemplated by the Term Sheet consists of a private placement (the \"\n \n Private Placement\n \n \") to PRHI of common shares in the capital of the Company (\"\n \n Common Shares\n \n \").\n \n \n \n Proposed Private Placement\n \n \n \n Through the proposed Private Placement, PRHI will subscribe for and purchase up to 53,600,000 Common Shares at a price of\n \n $0.025\n \n per share representing an aggregate price of\n \n $1,340,000\n \n (or approximately\n \n US$1,000,000\n \n ). If the Private Placement is completed, Common Shares owned by PRHI would represent, in aggregate, approximately 12% of Common Shares currently outstanding, assuming there is no further issuance of shares from the treasury of the Company prior to the closing of the Private Placement. The net proceeds from the Private Placement will be used by TVI for general corporate purposes.\n \n \n \n Conditions and Due Diligence\n \n \n \n Completion of the transactions contemplated by the proposed transactions will be subject to the satisfaction or waiver of various conditions, including: (1) committee or board approval, as applicable, of both TVI and PRHI; (2) receipt of all necessary regulatory and third party ap...