Southridge Minerals Secures $5,000,000 Financing to Fund the Cinco Minas Gold Property in Mexico
December 14 2010 - 5:08PM
Marketwired
Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce that Southridge Minerals, Inc.,
its wholly owned subsidiary today has executed an agreement with
Quixstone Investments, Inc. ("QII"), providing for a $5,000,000
financing. This financing is in the form of a convertible debenture
with terms stipulating an interest rate of 9.4% and a loan
repayment term of 36 months from the date of execution of the
agreement, by way of cash or through the conversion of shares of
Southridge stock. The repayment terms of the financing are amenable
to the Company's property development schedule and to future
financings plans to retire the debt.
For further information on the Company's Gold and Silver
projects, visit our website, www.southridgeminerals.com.
About Southridge Minerals Inc. (PINKSHEETS: SRGE) Southridge
Minerals, Inc. is a U.S.-based mineral exploration company
dedicated to acquiring and developing mineral resources in
geologically permissible and politically stable areas of the world.
The Company seeks out on early state opportunities with good
mineralization indicators that can carry plenty of blue-sky
potential. Southridge progresses these projects that are or will be
of interest to mid-size and major producers.
By forming ventures on individual projects, the Company expects
to grow and maintain an interest in mines operated by its partners,
allowing it to continue to build value through continued
exploration. Southridge is currently focused on projects in
Mexico.
What sets Southridge apart is its vast experience in Mexico, the
geology conditions of formation of known large gold deposits that
up until now have received very little attention. This way it can
focus geographically and on a couple of commodities to give its
shareholder return on their investment in the most efficient way
possible.
Forward-Looking Statements This news release contains
"forward-looking statements," as that term is defined in Section
27A of the Act and Section 21E of the Securities Exchange Act of
1934. Statements in this press release, which are not purely
historical, are forward-looking statements and include any
statements regarding beliefs, plans, expectations, or intentions
regarding the future.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
the development of an early stage company in the alternative energy
industry, its products, and the entry into new markets for such
products. These forward-looking statements are made as of the date
of this news release, and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although the Company believes that the
beliefs, plans, expectations, and intentions contained in this
press release are reasonable, there can be no assurance those
beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consider all of the information set
forth herein and should also refer to the risk factors disclosed in
the Company's current and periodic reports filed from time to time
with the Securities and Exchange Commission.
For further information please contact:
Investor Relations Tel. (877) 712-2144 Email:
ir@southridgeminerals.com http://www.southridgeminerals.com
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