TVI Pacific receives a loan from TG World Energy Corp.
On Tuesday, TVI Pacific entered into an unsecured loan arrangement with TG World Energy Corp. for US$500,000. The loan will fund obligations in the Philippines.
"As previously announced, TVI and TG World have entered into an Arrangement Agreement whereby holders of TG World shares will receive 0.458 of a common share of TVI for each TG World share held. The Arrangement is subject to approval of TG World shareholders at a meeting to be held on March 4, 2011," said the company's news release.
The Loan carries an interest rate of 15% and matures on March 14, 2011. TVI Pacific Inc. is a publicly-traded copper producer focusing on the Philippines.
Michael Allan McCrae wrote this story. You can contact him at [email protected].