CALGARY, July 12, 2016 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTC Pink: TVIPF) ("TVI" or "the Company") announces that, as part of an ongoing initiative to reduce annual operating costs, it has applied to voluntarily delist its common shares from the Toronto Stock Exchange ("TSX") and to list them on the TSX Venture Exchange ("TSX-V") through the streamlined listing procedures of the TSX-V. The Company has now received all approvals from both exchanges to delist from the TSX on July 29 and to list on the TSX-V on August 2, 2016.
Since the beginning of 2016, TVI has initiated numerous measures to reduce its annual operating costs. The initiatives include rationalization of head office support and accounting staff, reduction and/or deferral of management and staff compensation, deferred director compensation, and negotiating reduced rates for key service providers. A move to the TSX-V will allow the Company to further reduce costs through lower listing fees while continuing its commitment to keep shareholders informed through the disclosure and regulatory standards of the TSX-V.
"Following a strategic review of TVI's activities with a view to reducing operating costs, the Board concluded that the TSX-V is a more appropriate listing platform given the Company's current capital structure, market capitalization and activities," stated Clifford James, Chairman and CEO of TVI. "By switching from the TSX to the TSX-V, TVI will benefit from greater operational efficiency and lowered costs without impacting our continuing project evaluation and acquisition activities or our ability to raise further funds to advance our corporate development objectives."
TVI expects that the transition from the TSX to the TSX-V will be completed in an efficient and seamless manner, with no interruption in the ability of shareholders and investors to trade shares of TVI. Shares of TVI will continue to trade on the TSX up to the end of business day on July 29. On August 2, TVI's shares will begin trading at market open on the TSX-V.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the production, development, exploration and acquisition of resource projects in the Asia Pacific region. TVI's track record of success includes putting the first foreign invested mine into production in the Philippines after the passage of the Philippines Mining Act of 1995. From 2004 to 2014, the Canatuan mine produced 105,200 ounces of gold, 1.8 million ounces of silver, 199,778 dry metric tonnes of copper concentrate and 30,558 dry metric tonnes of zinc concentrate.
TVI currently holds a 30.66% interest in TVIRD, a private Philippine resource company engaged in the production of nickel laterite ore at the Agata project, advancing its 100% owned Balabag Gold-Silver project towards production and achieving a listing on the PSE in 2016. In addition to its interest in TVIRD, TVI also holds (i) a 27.24% equity interest in Foyson Resources Limited; (ii) a 14.4% equity interest in Mindoro Resources Ltd.; (iii) a 10% interest in the Amazon Bay Iron Sands project in Papua New Guinea; and (iv) a 100% investment in shares of TG World.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements.
Various risks to which the Company is exposed in the conduct of its business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2015, which was filed on SEDAR on March 24, 2016 and is available under the Company's profile at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this News Release to reflect subsequent events or circumstances.
SOURCE TVI Pacific Inc.
For further information: Shirley Anthony, VP Corporate Communications, TVI Pacific Inc., Phone: 778.999.2771, E-mail: [email protected]