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.