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None. Very quiet.
Three Valley Copper Provides Corporate Update
Fri, September 30, 2022 at 4:00 AM
TORONTO, Sept. 30, 2022 (GLOBE NEWSWIRE) -- (TSXV: TVC) (OTCQB: TVCCF) Three Valley Copper Corp. (“Three Valley Copper” or the “Company”) provides an update on its 95.1% owned Minera Tres Valles SpA (“MTV”) property near Salamanca, Region de Coquimbo, Chile.
Since the Judicial Restructuring Procedure (“JRP”) was filed in Chile on June 13, 2022, the Chilean courts have neither confirmed nor denied the application for creditors protection. If granted, it will be similar to being granted creditor protection under the Companies’ Creditors Arrangement Act in Canada.
Since the filing on June 13, 2022, MTV has progressed with the termination of over half of its work force and the underground contractor for the Papomono mine has demobilized. Further planned terminations are expected to occur during the fourth quarter. The infrastructure of Papomono built to date is expected to remain stable for the next 6 to 12 months with minimal maintenance and MTV now expects to continue producing limited copper cathodes from the existing material on the heap leach until the end of December 2022, with MTV’s cash resources expected to be exhausted shortly thereafter.
Concessions from certain important suppliers together with unexpected benefits in the heap leach generated by the past months of above-average precipitation, have provided MTV the ability to generate additional copper cathodes from its current inventory. It is MTV’s expectation that copper cathodes can be harvested for the remainder of 2022 at a marginal profit but cautions that certain assumptions are subject to change which could change this expectation. The performance of the heap leach is critical and monitored closely in the event that circumstances change that would affect the copper cathode production projection. These recent developments have provided the Company and MTV additional time to attract long-term investment.
The Company maintains dialogue with Anglo American Marketing Limited and a fund managed by Kimura Capital (the “Senior Lenders” to MTV) to source a long-term investor. To date, a solution to support MTV has not been identified. The Company is uncertain whether this can be achieved with the Senior Lenders’ cooperation and is cautious in attributing any probability that a fulsome financial support solution from the Senior Lenders and/or new investor will be available.
If MTV is successful in sourcing a longer-term capital support solution and restructuring its existing debt, there will likely be a material dilution to the Company’s ownership interest in MTV, including the likelihood that the Company would no longer hold majority control of MTV. If a longer-term capital support solution and/or restructuring is unsuccessful, MTV could be forced to liquidate or be sold, which could adversely impact the Company’s ability to recover any or all of the Company’s investment in MTV. The public company, Three Valley Copper, is expected to continue as a going concern even if a liquidation event occurs at MTV.
As a result of the current financial situation of MTV, certain defaults of the senior secured debt facility have occurred and are continuing. While the Senior Lenders have not provided a notice thereof to MTV, they have expressly reserved their rights.
About Three Valley Copper
Three Valley Copper, headquartered in Toronto, Ontario, Canada is focused on its primary asset, Minera Tres Valles. Located in Salamanca, Chile, MTV is 95.1% owned by the Company and MTV's main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. For more information about the Company, please visit www.threevalleycopper.com.
Not exactly sure why they think they deserve bonuses haha.
I am still holding. I see copper prices going up this year still and hope this thing can turn around. I was sort of debating buying more in these levels but im not going to since the current management doesnt seem to be making production and income flow happen.
Still holding shares? Any thoughts on the recent news?
THREE VALLEY COPPER ANNOUNCES GRANT OF DEFERRED SHARE UNITS AND RESTRICTED SHARE UNITS
04/01/2022
TORONTO, April 01, 2022 (GLOBE NEWSWIRE) -- (TSXV: TVC) (OTCQB: TVCCF) Three Valley Copper Corp. (“Three Valley Copper” or the “Company”) announces that it has granted 508,130 Deferred Share Units (DSUs) to directors and 325,203 Restricted Share Units (RSUs) to the CEO pursuant to its long-term incentive plan for the quarter ending March 31, 2022.
The Company intends to grant DSUs quarterly to its directors, with each grant representing one-half of each director’s board retainer, payable in cash or common shares of the Company, upon the holder ceasing to be a director of the Company.
The RSUs granted to the CEO represent 20% of the base compensation of the CEO and are payable in common shares of the Company on exercise, and vest on January 1 of the second calendar year after the date of grant. The Company intends to grant additional RSUs representing 20% of the base compensation of the CEO on a quarterly basis.
About Three Valley Copper
Three Valley Copper, headquartered in Toronto, Ontario, Canada is focused on growing copper production from, and further exploration of, its primary asset, Minera Tres Valles. Located in Salamanca, Chile, MTV is 95.1% owned by the Company and MTV's main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. For more information about the Company, please visit www.threevalleycopper.com.
For further information:
Michael Staresinic
Chief Executive Officer
T: (416) 943-7107
E: mstaresinic@threevalleycopper.com
Renmark Financial Communications Inc.
Joshua Lavers: jlavers@renmarkfinancial.com
T: (416) 644-2020 or (212) 812-7680
www.renmarkfinancial.com
THREE VALLEY COPPER POSTPONES INTEREST PAYMENT DUE MARCH 31, 2022
03/31/2022
TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- (TSXV: TVC) (OTCQB: TVCCF) Three Valley Copper Corp. (“Three Valley Copper” or the “Company”) confirms that its 95.1% indirectly owned subsidiary, Minera Tres Valles (“MTV”) has not made the interest payments due on March 31, 2022, to its senior secured lenders (the “Lenders”) as required pursuant to the terms of the amended loan facility. Certain loan principal repayments in 2022 have been deferred pursuant to an undertaking entered into between the Company and the Lenders on November 21, 2021.
As previously disclosed, the Company and MTV are in negotiations with the Lenders to find a longer-term solution to the financing requirements of MTV. A successful solution will enable MTV to continue operations and complete the ramp up of production of the Papomono mine over the upcoming twelve months. If approvals from the respective parties are not obtained and longer-term funding not provided, it is expected that MTV will not have sufficient funds to operate beyond April 2022.
As a result of the current financial situation of MTV, certain defaults of the senior secured debt facility have occurred and are continuing. While the Lenders have not provided a notice thereof to MTV, they have expressly reserved their rights.
The Company and MTV continue to preserve their cash resources during negotiations with the Lenders and other creditors and thank all stakeholders for their continued support and patience.
About Three Valley Copper
Three Valley Copper, headquartered in Toronto, Ontario, Canada is focused on growing copper production from, and further exploration of, its primary asset, Minera Tres Valles. Located in Salamanca, Chile, MTV is 95.1% owned by the Company and MTV's main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. For more information about the Company, please visit www.threevalleycopper.com.
OK, be that way...
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Another 100% would be sick
What the mining resumes , I see .40 or more
Won’t be surprised if it hit teens tomorrow
monster move today, tiny float . beast
There are deep pockets associated with this company. I can't see creditors busting their chops.
Under the radar for sure. Before this was called Three Valley Copper it was called Sprott Resource Holdings, under the parent Sprott (SII).
I bought in today. Moves on air. Strange not more attention to it.
I feel the same way
Worth the gamble, yes. If this hits twitter this may take off.
Yeah, i bought up at .03s just because i had literally bought the week before for .17 and have to average down. Worth the gamble
They gave a warning to equity holders so I'm being cautious here.
I mean even with operations ceased, the facility an rights are still worth millions. Dropping to under 10 mil market cap was ridiculous. Whats good is at this price im now right at break even.
Nice movement so far. I’m watching
There is also the possibility that the minority shareholders want to get involved with this low share price.
Debt Structure
• $51M prepayment facility provided by Anglo
American and Kimura Capital
• $17M converted from accounts payable to
unsecured 5-year term debt
• $5M converted from accounts payable to
unsecured subordinated term debt
Yeah i mean the investment here needed is low for what production is possible. I mean, im in and will be buying more at this super low level. I mean whats the market cap now, 3.5 million with the current OS? They have 7 on hand right now. I wonder what their total debt is currently?
I checked out TVC's financiers. Anglo-American has a mktcap of $52B, Revenues $42B, Net income $7B, $11B cash, $13B debt. Kimura Capital also looks like a big outfit. It looks like TVC is chump change for these companies i.e they can't be bothered with a BK. I have to bet that something will be worked out. And they probably want to be associated with Sprott.
They make great gifts too!
Heh, I am always buying a little physical silver every month. Thats just fun ;)
I can see people wanting to put $25 to $100 rounds in their pockets
Yeah, im focused heavy on silver and gold . Im buying some more gold juniors this week too.
I have my portfolio set up to where no one position will wipe me out. I do like to have enough stock though to make a difference.
Like i said, Im actually going to buy a modest position. Hopefully we dont get too much dilution and we could end up winners
One thing is that they are going to be focused. They are going from 2 mines and exploration to only 1 mine (their jewel).
Yeah definitely.
Especially with that Unlimited AS.
I mean at this point (.03), to raise money theyd have to churn out a huge amount of shares to raise any capital.
I guess they burned through all that financing quick.
I mean would a buyout be possible? You would think someone else might be interested with the current copper prices and shortage .
But yeah, like you said, its a lotto pick at the moment. Could go to 1 cent imo. But who knows maybe management will pull put an ace?
I see a dilution possibility. What do you think?
Added some at. .0295 wow..... I still like this thing and am Definitely glad i waited to do any large purchase now. Will be easy to average down. I really thought the mine was very much set to be able to produce 16000 no problems...
Ahh yeah that news sucks. But to be down the almost nothing jeez
Just doubled down on my position. Went from investing to gambling