TVI Pacific buys more shares in Mindoro Resources

Canadian miner TVI Pacific Inc. announced Monday that it has completed the purchase of an additional 24,000,000 units in another Canadian firm, Mindoro Resources Ltd., at an aggregate purchase price of $1.2 million. Each unit consists of one common share in the company. When added to the 18,779,353 shares in Mindoro already purchased by TVI on September 28, TVI now owns and controls 42,779,353 common shares in Mindoro, approximately 14.4 percent of the total number of issued and outstanding common shares and purchase warrants entitling TVI to acquire up to 42,779,353 additional common shares.   The Mindoro securities were purchased by TVI pursuant to a July 6 Heads of Agreement (HOA) and subscription agreement it entered into with Mindoro. The head offices of both companies are based in Alberta, Canada. TVI’s affiliate, TVI Resources Development Phils., Inc., produces copper and zinc concentrates from its Canatuan mine. TVI also has an indirect interest in an offshore Philippine oil property. — BM, GMA News