TVI Pacific Inc. enters into definitive agreements for third-party financing in TVI and investment in Philippines assets

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[{"type":"text","content":"\n\n\nTSX: TVI  OTCQX: TVIPF\n\n\nCALGARY, Dec. 11, 2013 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQX:TVIPF)\n (\"TVI\" or the \"Company\") announced today the execution of various definitive agreements\n relating to the private placement in TVI and third-party investment in\n its indirectly held Philippine assets previously announced in the\n Company's October 21, 2013 news release.  The parties to the definitive\n agreements include TVI, Prime Resources Holdings, Inc. (\"PRHI\"), which is an arm's-length Philippines corporation and wholly-owned\n subsidiary of Prime Asset Ventures, Inc. (\"PAVI\"), and various subsidiaries/affiliates of TVI.  Certain aspects of the\n proposed transactions have changed since the date of TVI's original\n announcement (October 21, 2013) as a result of transaction structuring\n and ongoing negotiations among the parties.  The transactions reflected\n in the definitive agreements (the \"Transactions\") will result in PRHI acquiring an approximate 5% direct equity\n interest in TVI and a 68.42% direct equity interest in TVI Resource\n Development Philippines, Inc. (\"TVIRD\"), TVI's Philippine operating affiliate.  The definitive agreements for\n the Transactions contemplate aggregate investments by PRHI of U.S.\n $22.5 million.\n\n\nHighlights:\n\n\nThe Transactions are expected to occur in multiple closings and include:\n\n\n\nPrivate Placement of 33,333,333 common shares in capital of TVI at U.S.\n $0.06 per share for gross proceeds of U.S. $2 million.\n\n\nInvestments in TVI International Marketing Limited (\"TVIIM\") and TVI\n Minerals Processing, Inc., in the aggregate amount of U.S. $7.845\n million.\n\n\nInvestments in TVIRD in the aggregate amount of U.S. $13.055 million (to\n acquire 68.42% of the voting shares of TVIRD).\n\n\nAgreement between the parties to seek a listing for the shares of TVIRD\n on the Philippine Stock Exchange. \n\n\n\nThe Transactions are expected to provide U.S. $10.650 million to TVI and\n U.S. $11.850 million to TVIRD and various subsidiaries, each before tax\n and related fees, while a net U.S. $350,000 is expected to be used to\n repurchase all of the outstanding TVIRD Class A shares. \n\n\nDefinitive Agreements\n\n\nTVI, certain of its subsidiaries/affiliates and PRHI have entered into\n definitive agreements relating to the proposed ...

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