The companies also signed an agreement for Tranche 2 of the private placement, subject to approval of the respective shareholders.
TVI will now pay $0.05 a unit of Mindoro for 18,779,353 of its units while also acquiring 44,336,206 units at the same price under the Second Tranche Private Placement.
Mindoro president and CEO Jon Dugdale said, "we are very pleased that TVI has become a significant shareholder in Mindoro, and we look forward to working alongside TVIRD, through the joint venture agreements, to progress the Agata and Pan de Azucar projects to production."
TVIRD has an option to earn a 60% interest each in the Agata Mining Joint Venture after commercial production begins and Pan de Azucar Mining Joint Venture. Mindoro owns 75% interest in the Agata Nickel Project in the Philippines.
