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TVI Pacific Announces Sixth Drawdown of US $28.5 million Term Loan Facility

TVI Pacific Inc. 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.

"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. 

Source: http://www.tvipacific.com/news/News-Release-Details/2020/TVI-Pacifics-3066-owned-TVIRD-Announces-Sixth-Drawdown-of-US-285-million-Term-Loan-Facility-as-its-Balabag-Gold-Project-Continues-to-Move-Forward/default.aspx


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