Mindoro Resources advises that its joint venture partner TVI Pacific has executed various definitive agreements relating to financing and investment in TVI and its indirectly held Philippine assets, including Mindoro’s Agata and Pan de Azucar projects.
The parties to the definitive agreements include TVI, Prime Resources Holdings Inc (PRHI), an arm’s-length Philippines corporation and wholly-owned subsidiary of Prime Asset Ventures Inc, and various subsidiaries/affiliates of TVI.
TVI advises that certain aspects of the proposed transactions have changed since the October announcements as a result of transaction structuring and ongoing negotiations among the parties. The transactions reflected in the definitive agreements, assuming satisfaction or waiver of all conditions and the occurrence of subsequent closings, are expected to provide US$10.650 million to TVI and US $11.850 million to TVI Resource Development (Phils) (TVIRD), TVI’s Philippine operating affiliate, and various subsidiaries, each before tax and related fees.
The transactions will result in PRHI acquiring an approximate 5% direct equity interest in TVI and a 68.42% direct equity interest in TVIRD, through which TVI’s option to earn 60% interest in Mindoro’s Agata and Pan de Azucar Projects, are held.
PRHI is a wholly-owned subsidiary of Prime Asset Ventures Inc (PAVI). PAVI is a holding corporation of utilities engaged in various industries which include water distribution infrastructure, energy and power generation as well as retail distribution, cable and antennae television, and telecommunications.
Mindoro welcomes the participation of a strong local partner in developing the Agata project and meeting our production objectives in 2014.