A Calgary-based resource company is making waves heard across the Pacific. TVI Pacific Inc. (TSX-Venture:TVI) announced that TVI Resource Development Phils., Inc., a Philippine corporation in which TVI holds a 30.66% interest, has completed its first $6 million U.S. drawdown under a five-year term loan facility.
This situation has been provided specifically to partially finance the company’s Balabag gold/silver mining project.
Balabag is expected to cost $48.5 million U.S., which includes deferred mining charges. Past expenditures and the cost of Canatuan equipment should equal about $14.5 million U.S. Meantime, the $28.5-million loan proceeds are expected to be enough to enable Balabag project to become operational.
Said TVI CEO Cliff James, "We are very pleased that the Balabag project is progressing. With the drawdown, funds development activities can be accelerated. The initial drawdown under the term loan facility is a major milestone achieved."
The company's stock doubled in price Thursday morning to one cent on 63,000 shares.
