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UNITED STATES/
CALGARY,
AB, Aug. 15, 2023 /CNW/ - TVI Pacific Inc.
(TSXV: TVI) (OTC Pink: TVIPF) ("TVI" or
the "Company") announces that, further to its press
release dated July 31, 2023, the
Company has received a further extension from the TSX Venture
Exchange (the "TSXV") with respect to the duration of its
previously announced non-brokered private placement to Prime
Resources Holdings, Inc., directly or indirectly through one or
more of its subsidiaries or affiliates (collectively,
"PRHI") of 53,600,000 common shares in the capital of the
Company, at a price of $0.025 per
share, for gross proceeds of $1,340,000 (or approximately US$1,000,000). As such, the outside date
upon which final acceptance of the Private Placement may be granted
by the TSXV has been extended to August 18,
2023.
The extension of the outside date applies also to the condition
by which Manuel Paolo A. Villar and
Michael G. Regino were elected to
the Board at the Annual General Meeting of the Company held
June 28, 2023, whereby it was
announced earlier that they shall resign as directors of the
Company if the Private Placement does not close by July 31, 2023 or if there is a failure to obtain
any regulatory approval or clearance for either Mr. Villar or Mr.
Regino to act as a director of the Company.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on
mining projects in the
Philippines, one of the most prolifically mineralized
countries in the world. TVI currently holds a 30.66% equity
interest in TVIRD, a Philippines
corporation. Through TVIRD, TVI has ownership in a currently
producing gold mine and is focused on bringing on-stream the Siana
gold mine at which equipment has been rehabilitated and
commissioning of the plant has commenced in line with TVIRD's plan
to restart operations.
About Prime Resources Holdings, Inc.
Prime Resources Holdings, Inc. ("PRHI") is a Philippine
company organized primarily to hold Mr. Manuel Paolo A. Villar's interests in the mining
industry. PRHI is the largest and controlling shareholder of
TVIRD, holding 68.42% thereof. PRHI is an affiliate of
Prime Asset Ventures, Inc. ("PAVI"), a Philippine company
with focus on building and developing critical community
infrastructure. PAVI currently holds major investments in
subsidiaries operating in a variety of industries, including power
and water utilities, information technology and telecommunications,
financial services, and broadcast services.
The TSXV has neither approved nor disapproved of the
information contained herein.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING
STATEMENTS
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe",
"scheduled", "to be", "will be" and similar expressions.
Forward-looking statements in this News Release are based upon the
opinions and expectations of management of the Company as at the
effective date of such statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that those expectations will prove to have been correct.
Forward-looking statements are subject to certain risks and
uncertainties (known and unknown) that could cause actual outcomes
to differ materially from those anticipated or implied by such
forward-looking statements. Forward-looking statements in this News
Release include, but are not limited to, TVI's objectives and
intentions in respect of completion of the Private
Placement.
Forward-looking statements are based upon the opinions and
expectations of management of the Company as at the effective date
of such statements and, in certain cases, information supplied by
third parties. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions and that information received from third
parties is reliable, it can give no assurance that those
expectations will prove to have been correct. Forward-looking
statements are subject to certain risks and uncertainties that
could cause actual events or outcomes to differ materially from
those anticipated or implied by such forward-looking
statements. These factors include, but are not limited to, such
things as changes in general economic conditions in the Philippines and elsewhere; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; delay or failure to receive
board, shareholder or regulatory approvals; those
additional risks set out in TVI's public documents filed on SEDAR;
and other matters discussed in News Release.
Accordingly, readers should not place undue reliance upon
the forward-looking statements contained in this News Release and
such forward-looking statements should not be interpreted or
regarded as guarantees of future
outcomes.
The forward-looking statements contained in this News Release
are made as of the date hereof and the Company does not undertake
any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable
securities laws in force in Canada. The forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
www.tvipacific.com
SOURCE TVI Pacific Inc.