Business
TVI Pacific Inc. Announces Closing of U.S. $2 Million Private Placement and Completion of First Closing of Investment in Philippine Assets
TSX : TVI  OTCQX : TVIPF CALGARY , Dec. 13, 2013 /CNW/ - TVI Pacific Inc. (TS...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\nTSX: TVI  OTCQX: TVIPF\n\n\nCALGARY, Dec. 13, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)\n (\"TVI\" or the \"Company\") announced today that it has completed an initial closing with Prime\n Resources Holdings, Inc. (\"PRHI\"), as outlined in its recent announcement (December 11, 2013), which\n included the following transactions:\n\n\n\nUS $2 million was paid by PRHI to purchase 33,333,333 common shares in\n the capital of TVI (\"TVI Shares\"), at a price of US $0.06 per share, which shares represent\n approximately 5% of the total number of issued and outstanding TVI\n Shares (the \"Private Placement\");\n\n\nUS $1.545 million was invested by PRHI in TVI International Marketing (\"TVIIM\") to purchase one deferred non-voting share of TVIIM that is redeemable\n at par value;\n\n\nUS $2 million was advanced to TVI Resource Development Philippines, Inc.\n (\"TVIRD\") by PRHI, as partial payment of PRHI's proposed investment in TVIRD;\n and\n\n\nUS $12.655 million was advanced by PRHI and placed into an escrow\n account - those funds represent a portion of the additional amount that\n PRHI has agreed to invest in TVI group entities in subsequent closings.\n\n\n\n\n\nThe TVI Shares issued pursuant to the Private Placement will be subject\n to trading restrictions until April 14, 2014.  The subscription\n agreement entered into between the Company and PRHI in connection with\n the Private Placement provides, among other things, for the grant of a\n preemptive right to PRHI, pursuant to which PRHI will be permitted to\n maintain its percentage ownership of common shares of the Corporation\n in connection with certain future transactions involving the issuance\n of common shares from the treasury of TVI.\n\n\nThe funds advanced by PRHI to date are expected to be used by TVI group\n entities for working capital purposes and to further advance various\n projects. The transactions outlined in the Company's December 11, 2013\n news release, and the definitive agreements described in that news\n release, contemplate aggregate investments by PRHI of US $22.5\n million.  Additional information concerning the proposed transactions\n with PRHI and various conditions to the completion of those\n transactions are set out in the Company's December 11, 2013 news\n release.\n\n\nAbout TVI Pacific Inc.\n\n\nTVI Pacific...