TVI Pacific (TSE:TVI) has released an update.
TVI Pacific Inc. has secured a financial lifeline in the form of a funding commitment from Prime Resources Holdings, Inc., ensuring the company can cover its upcoming expenses and continue operations for the next three years. The agreement includes the issuance of interest-bearing promissory notes with a maturity of 18 months and an annual interest rate of prime plus 2%. Additionally, the company has amended previous promissory notes to extend the deadline for potential acceleration events, providing more financial flexibility.
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