Business
TVI Pacific granted extended maturity date on bridge financing
(TSX: TVI) CALGARY, Jan. 14 /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, Jan. 14 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")\nannounced today that the Company's Philippine affiliate, TVI Resource\nDevelopment (Phils.) Inc. ("TVIRD"), has signed a Letter Agreement extending\nthe maturity date on the bridge financing previously made available to TVIRD\nunder the Omnibus Loan and Security Agreement ("OLSA") originally signed with\nLIM Asia Arbitrage Fund Inc. (now LIM Asia Multi-Strategy Fund Inc.), LIM Asia\nSpecial Situations Master Fund Ltd. (collectively, the "Lenders") and others\non March 11, 2008. Background information regarding the original bridge\nfinancing arrangement is set out in the news releases disseminated by the\nCompany on March 13, October 14, November 10, and December 12, 2008, copies of\nwhich are available at www.tvipacific.com.\n\n\nThe Letter Agreement provides that the maturity date for both Tranche A\nand Tranche B of the US$25.2 million facility previously drawn by TVIRD has\nbeen extended to January 30, 2009. The previous maturity date of January 9,\n2009 was set out in the Fourth Amendment Agreement, which was signed on\nDecember 11, 2008, by the parties to the OLSA. In addition, the Letter\nAgreement provides that all accrued and unpaid interest on the Tranche A and B\nfacilities as of the maturity date, as amended, will be capitalized to form\npart of the loan principal. As at January 12, 2009, the amount of interest to\nbe capitalized stood at US$1,649,506.22.\n\n\nTVIRD advises that discussions are ongoing with the Lenders concerning\nlonger term financing for the Sulphide Project and other investments,\ninvolving, inter alia, the possibility of conversion of the bridge loan\nfacility, subject of this news release, into a term facility. There can be no\nassurance that these financing discussions will be successful and that\nadditional financing will be available to the Company or TVIRD on terms\nacceptable to them.\n\n\nAbout TVI Pacific Inc. (TSX: TVI)\n---------------------------------\n\n\nTVI Pacific Inc. is a publicly traded Canadian mining company focused on\nexploring for and producing precious and base metals within district scale\nsystems in the Philippines. The Company's interest in the Canatuan Mine and\nits other Philippine assets are held through its affiliate, TVI...