LIM Asia Multi-Strategy Fund Inc. and LIM Asia Special Situations Master Fund Limited Provide Term Loan Facility to TVI Pacific Inc. and are Issued Warrants



    TORONTO, Feb. 6 /CNW/ - LIM Asia Multi-Strategy Fund Inc. and LIM Asia
Special Situations Master Fund Limited (the "Lenders"), announced today that
on January 20, 2009 it signed an Omnibus Loan and Security Agreement ("OLSA")
with TVI Pacific Inc. (the "Company") pursuant to which the Lenders have
agreed to provide the Company with a US$29,926,801 principal amount term loan
facility.
    On February 6, 2009, in connection with the Company's fulfillment of
conditions precedent to lending under the OLSA, the Company released to the
Lenders share purchase warrants entitling them to purchase up to 71,689,734
common shares in the capital of the Company at any time and from time to time
until January 20, 2014, at a purchase price of CDN$0.016 per common share (the
"Warrants").
    LIM Asia Special Situations Master Fund Limited currently owns 10 million
common shares in the capital of the Company (the "Owned Shares"). The Owned
Shares together with the common shares underlying the Warrants (if exercised
in full) represent approximately 17% of the Company's issued and outstanding
shares on a diluted basis.
    The Owned Shares and Warrants were acquired for investment purposes. The
Lenders may in the future increase or decrease their ownership of securities
of the Company from time to time depending upon the business and prospects of
the Company and future market conditions.





For further information:

For further information: Oscar Wan on + 852 2533 0900

Organization Profile

LIM Asia Multi-Strategy Fund Inc.

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LIM ASIA SPECIAL SITUATIONS MASTER FUND LIMITED

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