Business
TVI Pacific's 30.66% owned TVIRD Announces Fourth Drawdown of US $28.5 million Term Loan Facility for its Balabag Gold Project
TVI Pacific's 30.66% owned TVIRD Announces Fourth Drawdown of US $28.5 million Term Loan F...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\nTVI Pacific's 30.66% owned TVIRD Announces Fourth Drawdown of US $28.5 million Term Loan Facility for its Balabag Gold Project\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, Feb. 3, 2020\n\n\n\nTSX-V: TVI  OTC Pink: TVIPF\n CALGARY, Feb. 3, 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 fourth drawdown of US $2 million 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 fourth drawdown brings the total drawn to date under the Facility to US $14 million.\n\"We are pleased with the progress of construction at the Balabag site and to report that all is continuing without incident.  I am particularly proud of our team who are working on behalf of TVIRD and in the interest of TVI Pacific, as a shareholder of TVIRD, to bring this project to life\", 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 has a pool of highly competent managers, technical personnel and skilled workers with previous experience in gold-silver operation and owns 100% of the Balabag gold/silver project in addition to 60% inte...