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TVI Pacific's 30.66% owned TVIRD Announces Final Drawdown of US $28.5 million Term Loan Facility as Construction at its Balabag Gold Project Continues to Proceed
TVI Pacific's 30.66% owned TVIRD Announces Final Drawdown of US $28.5 million Term Loan Fa...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\nTVI Pacific's 30.66% owned TVIRD Announces Final Drawdown of US $28.5 million Term Loan Facility as Construction at its Balabag Gold Project Continues to Proceed\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 12, 2020\n\n\n\nCALGARY, May 12, 2020 /CNW/ - TVI Pacific Inc. (TSX-V: TVI) (OTC Pink: TVIPF) (\"TVI\" or \"the Company\") is pleased to announce that TVI Resource Development Phils., Inc. (\"TVIRD\"), a Philippines corporation in which TVI holds a 30.66% interest, has completed its seventh and final drawdown under the previously announced US $28.5 million 5-year term loan facility (the \"Facility\") provided by China Banking Corporation.  The Facility has been provided specifically to finance construction of infrastructure at the Balabag gold/silver mining project (\"Balabag\") and is expected to be sufficient to enable Balabag to become operational.  The seventh drawdown is in the amount of US $6.5 million and brings the total drawn to date equal to the total of the available Facility at US $28.5 million. \n\"Balabag is taking shape and continues to move forward despite unanticipated challenges introduced by the COVID-19 pandemic.  This continuing progress is a reflection of the planning and organization that preceded the commencement of development works and the experience and dedication of the TVIRD team onsite.  We are pleased with the progress and proud of our investment that will further contribute to the success of TVIRD,\" said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD.  \nAbout TVI Resource Development Phils., Inc. \nTVIRD, a Philippine corporation in which TVI holds a 30.66% interest, is a diversified mining company that focuses on the acquisition, exploration, development and production of resource projects in the Philippines.  It operates under the highest standards of health and safety practices for its workers and its host community; and is uncompromising in its best-practices approach to environmental protection as well as community development.  TVIRD ha...