Thursday, September 20, 2012 1:55:50 AM
As contemplated by the HOA, TVI said it has also entered into various joint venture (JV) agreements and option agreements with Foyson relating to mining properties in Papua New Guinea.
In a release on Aug. 28, TVI said the HOA provides for the acquisition by TVI (or a subsidiary or other affiliate of TVI) of an equity interest in Foyson, by way of private placement (undertaken in two tranches), subject to the receipt of all necessary regulatory approvals and the satisfaction or waiver of various other conditions.
TVI has signed a subscription agreement for the first tranche of the proposed private placement, which provides for the purchase by TVI of 68 million Shares, representing approximately 9.96 percent of Foyson's issued capital of 683,403,821, at a purchase price of A$0.013 per Share (A$884,000 in the aggregate).
Foyson is an Australian company engaged in mining exploration in Papua New Guinea.
TVI is a publicly-traded Canadian company focused on the production, development, exploration and acquisition of resource projects in the Philippines.
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