TVI Pacific (TSE:TVI) has released an update.
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TVI Pacific Inc., a Canadian mining company with significant interests in the Philippines, has announced the issuance of unsecured interest-bearing promissory notes to Prime Resources Holdings, Inc., raising a total of $242,928.00 to fund accrued expenses. The related party transactions were approved by independent directors, sidestepping the need for a formal valuation or minority shareholder approval due to exemptions. The loans, bearing prime plus 2% interest annually, are set to mature in October 2025 and are non-convertible, with no direct equity or voting securities repayment.
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