Business
TVI Pacific Inc. Announces Second Closing of Philippines Investment and Financing Transactions
TSX: TVI  OTCQX: TVIPF CALGARY , Jan. 10, 2014 /CNW/ - TVI Pacific Inc. (TSX:TV...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\nTSX: TVI  OTCQX: TVIPF\n\n\nCALGARY, Jan. 10, 2014 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)\n (\"TVI\" or the \"Company\") announced today that it has completed a further closing (the \"Second Closing\") of various investment and financing transactions involving Prime\n Resources Holdings, Inc. (\"PRHI\"), following satisfaction of certain conditions outlined in the\n definitive agreements executed by the Company, PRHI and others on\n December 11th, 2013.  Those conditions included receipt of approval from the\n Philippine Securities and Exchange Commission for an increase in the\n authorized capital stock of TVI Resource Development Phils., Inc. (\"TVIRD\").  Additional information relating to the transactions with PRHI (the\n \"Transactions\") are set out in (i) the news releases disseminated by the Company on\n December 11, 2013 and December 13, 2013, (ii) the Company's December\n 20, 2013 material change report, and (iii) the December 11, 2013\n investment agreement (the \"Investment Agreement\") entered into between the Company, PRHI and others (which represents\n the \"umbrella\" agreement between the Company and PRHI for the\n Transactions), all of which have been filed with various securities\n regulatory authorities in Canada and are available through SEDAR (under\n the Company's profile).\n\n\nHighlights of the Second Close: \n\n\n\n\n\n\n\n1.\n\n\nThe release of all funds previously placed in escrow by PRHI, including:\n\n\n\n\n \n\n\n \n\n\na.\n\n\nUS $1.305 million, representing the balance of the subscription price\n for PRHI's investment in TVI International Marketing Limited (\"TVIIM\"), for which PRHI has received a second deferred non-voting share of\n TVIIM that is redeemable at par value; and\n\n\n\n\n \n\n\n \n\n\nb.\n\n\nUS $11.35 million, representing the balance of the subscription price\n paid by PRHI to acquire newly issued voting shares of TVIRD.\n\n\n\n\n2.\n\n\nA further US $4.3 million was advanced by PRHI (and placed into an\n escrow account), which represents the purchase price of voting shares\n in the capital of TVI Minerals Processing, Inc., a Philippine\n incorporated subsidiary of TVIIM.\n\n\n\n\n\n\n\nAt the first closing on December 13, 2013, PRHI invested US $1.545\n million in TVIIM (through the purchase of one deferred non-voting share\n o...