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TVI Pacific's Wholly-owned Affiliate, TG World Energy Corp., Signs Definitive Agreement to Sell its Wholly-Owned Subsidiary, TG World (BVI) Corporation
TVI Pacific's Wholly-owned Affiliate, TG World Energy Corp., Signs Definitive Agreement t...
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[{"type":"text","content":"\n \n \n \n TVI Pacific's Wholly-owned Affiliate, TG World Energy Corp., Signs Definitive Agreement to Sell its Wholly-Owned Subsidiary, TG World (BVI) Corporation\n \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 Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 29, 2021\n \n /CNW/ - TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) (\"\n \n TVI\n \n \" or the \"\n \n Company\n \n \") announced today that TG World Energy Corp. (\"\n \n TGWE\n \n \"), an\n \n Alberta\n \n corporation wholly-owned by TVI, has signed a definitive share sale and purchase agreement (the \"\n \n Sale Agreement\n \n \") with Sacgasco Limited (ASX: SGC) (\"\n \n Sacgasco\n \n \"), an Australian-based energy company, the shares of which are listed on the Australian Securities Exchange, providing for the sale of 100% of the shares of TGWE's wholly-owned subsidiary, TG World (BVI) Corporation (\"\n \n TG(BVI)\n \n \"), and intercompany receivables owing by TG(BVI) to TGWE.\n \n \n \n Highlights:\n \n \n \n \n TGWE has agreed to sell its wholly-owned subsidiary, TG(BVI), and intercompany receivables owing by TG(BVI) to TGWE, to Sacgasco for consideration consisting of a cash payment of\n \n A$1\n \n and a royalty (which will be payable (to a maximum of U.S.\n \n $530,000\n \n ) after commercial production is achieved at Service Contract 54A (\"\n \n SC54A\n \n \")).\n \n \n \n \n \n Sale of TG (BVI)\n \n \n \n :\n \n \n \n TGWE has executed the Sale Agreement with Sacgasco, which provides for the sale of 100% of the shares of TGWE's wholly-owned subsidiary, TG(BVI), and intercompany receivables owing by TG(BVI) to TGWE, for consideration of\n \n A$1\n \n and a royalty (which will be payable (to a maximum of U.S.\n \n $530,000\n \n ) after commercial production is achieved at achieved SC54A, an offshore block located northwest of the Palawan islands,\n \n Philippines\n \n ).  TG(BVI) holds a 12.5% working interest in SC54A, which represents the only meaningful asset of TG(BVI). The Sale Agreement contemplates that the royalty will be paid at the rate of 12.5% of the cont...