Canadian miners Mindoro Resources Ltd. and TVI Pacific Inc. (TVI) have agreed to take their time in completing a proposed private placement, which is part of their overall strategic partnership plan for Philippine ventures.
In a report, Mindoro Resources said the parties had agreed to move the completion date for the first tranche of the private placement to September 7 from August 15, and to extend the timeframe within which shareholders may approve the second tranche from the original deadline of September 28 to October 9.
Mindoro Resources’ proposed transaction with TVI includes the proposed private placement; plans to operate two Agata Nickel Project development joint ventures; and the option to engage in a joint venture on the Pan de Azucar project.
Under an agreement which the parties reported in July, TVI is set to make a private placement of 3.156 million Canadian dollars in Mindoro Resources. On the loan component, TVI has agreed to lend Mindoro Resources 938,968 Canadian dollars for the latter’s mining projects.