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TVI Provides Update on TVIRD's Proposed Initial Public Offering on the Philippine Stock Exchange
TVI Provides Update on TVIRD's Proposed Initial Public Offering on the Philippine Stock Ex...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\nTVI Provides Update on TVIRD's Proposed Initial Public Offering on the Philippine Stock Exchange\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\nTVI Provides Update on TVIRD's Proposed Initial Public Offering on the Philippine Stock Exchange\nCanada NewsWire\nCALGARY, Feb. 29, 2016\n\n\n\nTSX: TVI OTC Pink: TVIPF\n\n\n\n\nCALGARY, Feb. 29, 2016 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTC Pink: TVIPF) (\"TVI\" or \"the Company\") announced today that TVI Resource Development (Phils.), Inc. (\"TVIRD\"), a company in which TVI has a 30.66% equity interest, continues to work through the regulatory approval process relating to the previously announced proposed Initial Public Offering (\"IPO\") of TVIRD. While TVIRD had previously targeted to launch the offer this month with February 29 as its listing date on the Philippine Stock Exchange (\"PSE\"), the IPO is now expected to take place sometime in the second half of 2016 due to volatile market conditions and the upcoming Philippine Presidential election being held in early May. Further updates will be announced as TVIRD moves through the regulatory approval process.\n\n\"While TVIRD has worked diligently with its underwriter and the regulatory bodies to pursue its IPO and PSE listing, global markets have been in extreme turmoil since the beginning of 2016,\" stated Clifford James, Chairman and Chief Executive Officer of TVI and Chairman of TVIRD. \"This has made it very difficult for companies in all industries to pursue public offerings on the PSE and we are seeing many planned IPOs being deferred to the latter half of 2016 to allow time for the markets to settle and to see the outcome of the Presidential elections in the Philippines.\" \n\n\"Nevertheless, TVIRD is fully committed to achieving a listing on the PSE as early as feasible and is supported by a diverse pipeline of resource projects and the strong support of its majority shareholder, Prime Resource Holdings Inc.,\" continued Mr. James.  \"At TVI, we continue to be optimistic about TVIRD's listing prospects and believe the establishment of a public market...