On August 28, 2024, TVI Pacific Inc. (TSXV: TVI) (OTC Pink: TVIPF) announced the receipt of $196,416.00 in principal funding under a funding commitment agreement with Prime Resources Holdings, Inc. The loan, provided by the lender, was evidenced by an unsecured interest-bearing promissory note accruing interest at a rate of prime plus 2.0% per annum and maturing in February 2026.
To date, the company has borrowed a total of $1,181,348.45 from the lender through various promissory notes. The funds from the latest loan will be used to cover accrued expenses and for general corporate purposes.
The transactions between TVI and the lender are considered related party transactions as per Multilateral Instrument 61-101, requiring formal valuation and shareholder approval, which the company has exempted based on certain conditions. The board of directors involved in the transactions was independent, and no material undisclosed information was known to either party. The company did not file a material change report due to finalizing the details shortly before the issuance of this release.
TVI Pacific Inc. is a Canadian resource company focused on mining projects in the Philippines. The company holds equity interests in various projects in the Philippines and is actively engaged in mining operations in the region.
Forward-looking statements in the release provide information about the company’s intended use of funds, future activities, and risks and uncertainties that could impact outcomes. The company emphasizes that forward-looking statements are not guarantees of future results and are subject to change based on various factors. The release concludes with a disclaimer regarding the accuracy and adequacy of the information provided.
