Business
TVI Pacific's 30.66% owned TVIRD Announces Sixth Drawdown of US $28.5 million Term Loan Facility as its Balabag Gold Project Continues to Move Forward
TVI Pacific's 30.66% owned TVIRD Announces Sixth 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 Sixth Drawdown of US $28.5 million Term Loan Facility as its Balabag Gold Project Continues to Move Forward\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, April 20, 2020\n\n\n\nCALGARY, April 20, 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 sixth 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 sixth drawdown is in the amount of US $5 million and brings the total drawn to date under the Facility to US $22 million.\n\"It is rewarding to see the ongoing commitment of the TVIRD team as they continue to progress development works at Balabag.  We very much appreciate this is a difficult time for both the TVIRD team and their families as we all adjust to current life among the COVID-19 pandemic.  We remain anxious to see Balabag become an active contributor to TVIRD's portfolio of projects,\" 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 experi...