First step for IPO

TVI PACIFIC’S Philippine subsidiary TVIRD has announced it has file a preliminary prospectus with the Philippine Securities and Exchange Commission and the Philippine Stock Exchange regarding a proposed initial public offering of the latter’s shares.
First step for IPO First step for IPO First step for IPO First step for IPO First step for IPO

This is expected to be completed by mid-December.

The offer will be for 272.02 million shares - representing 10% projected outstanding common share capital - from unissued capital stock of TVIRD, as well as a secondary offer of up to 136.01 million shares from the holdings of existing shareholders representing 5% of the company's projected outstanding common share capital.

The price for both offers will be at PHP3.71 ($C0.11) per share.

Should the IPO be fully subscribed, TVIRD will have about 2.72 billion common shares outstanding.

Chairman Clifford James said: "The filling of the preliminary prospectus represents a major milestone in TVIRD's IPO process and TVI Pacific continues to enthusiastically support the IPO as we believe the establishment of a public market for TVIRD shares will allow North American investors to better evaluate the value of TVI's indirect investment in TVIRD."

"In addition, we expect that the secondary offer component of the IPO and the liquidity associated with a public listing will allow TVI to monetise portions of its TVIRD holdings which could provide us with an ongoing source of non-dilutive funding during a time when capital is difficult to raise new project acquisition and development activities."

TVI Pacific has a 30.66% equity interest in TVIRD, and holds a 28.26% interest in Foyson Resources, 14.4% in Mindoro Resources, 10% in Papua New Guinea's Amazon Bay iron sands project and 100% investment in shares of TG World.

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