TVI TVI is serious about the debt, this is very good news to have enough cash to do this, hang on to your shares don't sell to cheap you will regret it I believe. When the refinance you can see how that will help the available cash, they are doing this and installing the zinc circuit and new power line... GLTA
CALGARY, Sept. 28 /CNW/ - TVI Pacific Inc. ("TVI" or "the Company") announced today that its Philippine affiliate, TVI Resource Development (Phils.) Inc. ("TVIRD"), has made a voluntary prepayment of US$3.1 million under the debt facility it entered into in early 2009, reducing the principal owing by 10% to US$27.0 million.
In addition to the principal prepayment amount of US$3.1 million, accrued interest, advisory fees and a premium for the right to make the prepayment, brought the total cash payment made by TVIRD to US$6.0 million.
"Reducing the principal debt outstanding by 10% results in a meaningful net reduction in TVIRD's debt service costs going forward," said Cliff James, TVI's President and CEO. "The cash flow generated by TVIRD in recent months has enabled it to make this prepayment comfortably. Reducing future interest costs and accelerating exploration and development activities at Canatuan and Balabag and exploration projects at Tamarok, are two key targets of the current TVIRD strategy