TVIRD Announces Final Drawdown of US $28.5 million Term Loan Facility as Construction Continues
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 seventh and final 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 infrastructure at the Balabag gold/silver mining project ("Balabag") and is expected to be sufficient to enable Balabag to become operational. The seventh drawdown is in the amount of US $6.5 million and brings the total drawn to date equal to the total of the available Facility at US $28.5 million.
"Balabag is taking shape and continues to move forward despite unanticipated challenges introduced by the COVID-19 pandemic. This continuing progress is a reflection of the planning and organization that preceded the commencement of development works and the experience and dedication of the TVIRD team onsite. We are pleased with the progress and proud of our investment that will further contribute to the success of TVIRD," said Mr. Cliff James, Chairman and CEO of TVI and Chairman of TVIRD.