Business
TVI Pacific Inc. Announces Final Closing of Philippines Investment and Financing Transactions
Final Close Receives US $5.53 million TSX: TVI  OTCQX: TVIPF CALGARY ...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\nFinal Close Receives US $5.53 million\n\n\nTSX: TVI  OTCQX: TVIPF\n\n\nCALGARY, July 8, 2014 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)\n (\"TVI\") announced today that it has completed the final closing (the \"Third Closing\") of various investment and financing transactions involving Prime\n Resource Holdings, Inc. (\"PRHI\"), following satisfaction of certain conditions outlined in the\n definitive agreements executed by TVI, PRHI and others on December 11th, 2013.  Additional information relating to the transactions with PRHI\n (the \"Transactions\") are set out in (i) the news releases disseminated by TVI on December\n 11, 2013, December 13, 2013 and January 10, 2014, (ii) TVI's December\n 20, 2013 material change report, and (iii) the December 11, 2013\n investment agreement (the \"Investment Agreement\") entered into between TVI, PRHI and others (which represents the\n \"umbrella\" agreement between TVI and PRHI for the Transactions), all of\n which have been filed with various securities regulatory authorities in\n Canada and are available through SEDAR (under TVI's profile).\n\n\nHighlights of the Third Close: \n\n\n\n\n1. \n\n\nThe release of all proceeds remaining in escrow, including:\n\n\n\n\n \n\n\n \n\n\n\n\n \n\n\na)  US $4.3 million for the purchase of 3.97% of the common shares of\n TVI Minerals Processing, Inc.\n\n\n\n\n \n\n\nb)  US $1.23 million related to the sale and restructuring of\n subsidiaries and Class A shareholders of TVI's\n\n\n\n\n \n\n\n      Philippine associate, TVI Resource Development (Phils.) Inc. (\"TVIRD\").\n\n\n\n\n \n\n\n \n\n\n\n\n2.\n\n\nUS $5.3 million of the above transactions coming through to TVI as the\n repayment of intercompany advances, resulting in an aggregate US\n $10.650 million to TVI as a result of all Transactions and US $11.850\n million to TVIRD and various subsidiaries, each before tax and related\n fees.\n\n\n\n\n\n\n\nAt the first closing on December 13, 2013, PRHI invested US $1.545\n million in TVI International Marketing Limited (\"TVIIM\") (through the purchase of one deferred non-voting share of TVIIM\n (redeemable at par value)) and US $2 million in TVI (through the\n purchase of 33,333,333 common shares of TVI at a price of US $0.06 per\n share).  In additi...