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Three Valley Copper Corp V.TVC.H

Alternate Symbol(s):  TVCCF

Three Valley Copper Corp. is a Canada-based mining company. The Company is focused on its primary asset, Minera Tres Valles (MTV). It operates through two segments: MTV and Corporate. MTV segment is the Company's principal operating business. The MTV mining project, in the Province of Choapa, Chile, which includes fully integrated processing operations and its two main mines, the Don Gabriel open pit mine (Don Gabriel) and the Papomono underground mine (Papomono). MTV is located in the Cretaceous belt of Chile that hosts a large number of deposits. It has over 46,000 hectares to explore with over 100 copper occurrences mapped and 70 artisanal exploitation points. MTV's main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. Its two major deposits, Don Gabriel and Papomono and other known mineralized areas are located in a 10-kilometer-wide corridor of middle to upper Cretaceous volcanic rocks, bounded by north-south-trending faults.


TSXV:TVC.H - Post by User

Post by jetfuel10Xon May 04, 2022 12:31pm
130 Views
Post# 34655373

TVC, is expected to continue even if a liquidation of MTV

TVC, is expected to continue even if a liquidation of MTVAt December 31, 2021, the Company had a consolidated working capital deficiency of $59.1 million. Included in this working capital deficiency is cash of $13.7 million, restricted cash of $0.6 million, trade and other receivables of $1.7 million, current inventories of $16.7 million, prepaids and other current assets of $1.5 million, and portfolio investments of $2.1 million. Liabilities included in the working capital deficiency include accounts payable and accrued liabilities of $18.2 million, deferred revenue of $2.9 million and MTV's current portion of loans and borrowings of $74.3 million. Excluding the MTV Segment, the Company had working capital of $7.3 million as at December 31, 2021. 

The Lenders, together with the Company, expressed their intention to provide $11 million of super senior secured funds to MTV, the approvals for and terms of which are being finalized. If approvals from the respective parties are not obtained and funding not provided, it is expected that MTV will not have sufficient funds to operate through May 2022. This could force a liquidation event of MTV. The public company, TVC, is expected to continue as a going concern even if a liquidation event occurs at MTV. To date, neither approvals nor any of the $11 million has been received by MTV. In addition to the $11 million super senior secured funds, the Company estimates that MTV will require at least an additional $10 million of capital during 2022. 
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