TSX-V: TVI OTC Pink: TVIPF
CALGARY, AB, July 16, 2020 /CNW/ - TVI Pacific Inc.
(TSX-V: TVI) (OTC Pink: TVIPF) ("TVI" or
the "Company") is providing this third default status
report (the "Default Status Report") in accordance with
National Policy 12-203 – Management Cease Trade Orders
("NP 12-203").
On June 3, 2020, the Company
announced (the "Default Announcement") that, for the reasons
disclosed in the Default Announcement:
- the filing of its audited financial statements for the years
ended December 31, 2019 and
December 31, 2018 (the "Annual
Financial Statements"), and associated Management's Discussion
and Analysis (the "Annual MD&A" and, together with the
Annual Financial Statements, the "Annual Materials"), would
not be completed by the filing deadline, being June 13, 2020; and
- the filing of its interim financial statements for the quarter
ended March 31, 2020 (the "Interim
Financial Statements"), and the associated MD&A (the
"Interim MD&A" and, together with the Interim Financial
Statements, the "Interim Materials" and, together with the
Annual Materials, the "Required Materials"), would not be
completed by the filing deadline, being July
14, 2020.
As a result of these delays, the Company's principal regulator,
the Alberta Securities Commission, has granted a management cease
trade order (the "MCTO") to the Company. The MCTO restricts
all trading in securities of the Company, whether direct or
indirect, by the Chairman, President and Chief Executive Officer of
the Company and the Chief Financial Officer and VP Finance and
Administration of the Company until such time as the Required
Materials have been filed by the Company. The MCTO does not affect
the ability of shareholders who are not insiders of the Company to
trade their securities.
As announced by the Company on July 2,
2020, the Annual Materials were filed with the applicable
securities regulatory authorities and are available on the SEDAR
database at www.sedar.com.
The Company's board of directors and its management confirm that
they are continuing to work to meet the Company's obligations
relating to the Interim Materials and the Company continues to
expect to file the Interim Materials on or about July 31, 2020.
As required by the alternative information guidelines specified
by NP 12-203, the Company reports that since the Default
Announcement and its default status reports of June 17, 2020 and July 2,
2020, except as stated in this Default Status Report, there
have not been any changes to the information set out in the Default
Announcement that would reasonably be expected to be material to an
investor nor any failure by the Company to fulfill its intentions
as stated therein with respect to satisfying the provisions of the
alternative information guidelines, and there are no additional
defaults or anticipated defaults subsequent to the disclosure
therein, other than the delay in filing the Required Materials.
Further, there is no additional material information concerning the
affairs of the Company that has not been generally disclosed and
there are no insolvency proceedings against the Company as of the
date of this Default Status Report.
Until the Required Materials have been filed, the Company
intends to continue to satisfy the provisions of the alternative
information guidelines set out in NP 12-203 by issuing bi-weekly
default status reports in the form of further press releases, which
will also be filed on SEDAR. To the extent applicable, the Company
is scheduled to file its next default status report on or about
July 30, 2020.
About TVI Pacific Inc.
TVI Pacific Inc. is a Canadian resource company focused on the
acquisition of resource projects in the Asia Pacific region. TVI currently holds a
30.66% equity interest in TVI Resource Development Phils, Inc.
("TVIRD") and a 2.95% equity interest in Integrated Green
Energy Solutions Ltd., a publicly listed company incorporated in
Australia with shares listed on
the ASX. Integrated Green Energy Solutions Ltd. is engaged in the
commercialization of technologies to convert waste plastics to fuel
in Australia and internationally.
TVI's other holdings include a 14.4% equity interest in
Mindoro Resources Ltd. and a 100% investment in shares of TG World.
As at the date of this announcement, TVI has 655,537,039
outstanding common shares and 696,887,039 fully diluted including
the currently issued outstanding options of 41,350,000.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING
STATEMENTS
Certain information set out in this News Release constitutes
forward-looking information. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may",
"will", "intend", "could", "might", "should", "believe",
"scheduled", "to be", "will be" and similar expressions.
Forward-looking statements in this News Release are based upon the
opinions and expectations of management of the Company as at the
effective date of such statements. Although the Company believes
that the expectations reflected in such forward-looking statements
are based upon reasonable assumptions, it can give no assurance
that those expectations will prove to have been correct.
Forward-looking statements are subject to certain risks and
uncertainties (known and unknown) that could cause actual outcomes
to differ materially from those anticipated or implied by such
forward-looking statements. Forward-looking statements in this News
Release include expectations respecting the filing dates of
documents and the Company's intentions respecting the satisfaction
of the provisions of the alternative information guidelines set out
in NP 12-203.
Forward-looking statements are based upon the opinions and
expectations of management of the Company as at the effective date
of such statements and, in certain cases, information supplied by
third parties. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions and that information received from third
parties is reliable, it can give no assurance that those
expectations will prove to have been correct. Forward-looking
statements are subject to certain risks and uncertainties that
could cause actual events or outcomes to differ materially from
those anticipated or implied by such forward-looking
statements. These factors include, but are not limited to, such
things as changes in general economic conditions in the Philippines and elsewhere; litigation,
legislative, environmental and other judicial, regulatory,
political and competitive developments; delay or failure to receive
board, shareholder or regulatory approvals; risks
relating to widespread epidemics or pandemic outbreaks, including
the COVID-19 pandemic; those additional risks set out in TVI's
public documents filed on SEDAR www.SEDAR.com; and other matters
discussed in News Release.
Accordingly, readers should not place undue reliance upon
the forward-looking statements contained in this News Release and
such forward-looking statements should not be interpreted or
regarded as guarantees of future
outcomes.
The forward-looking statements contained in this News Release
are made as of the date hereof and the Company does not undertake
any obligation to update or to revise any of the included
forward-looking statements, except as required by applicable
securities laws in force in Canada. The forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE TVI Pacific Inc.