Minerco Resources, Inc. Signs $5 Million Funding Commitment With Institutional Investor Roswell Capital Partners
December 06 2010 - 4:44PM
Marketwired
Minerco Resources, Inc., (OTCBB: MINE), a developer, producer and
provider of clean, renewable energy solutions in Latin America,
announced today the signing of a $5M Equity Funding Facility with
Centurion Private Equity, LLC ("Centurion"), an affiliate of
Alpharetta, Georgia based Roswell Capital Partners ("RCP"). The
Equity Funding Facility is designed to fund the initial phases of
the Chiligatoro Hydro-Electric Project in Honduras and future
potential acquisitions.
Centurion has committed to purchase, subject to certain
conditions and limitations set forth in the closing documents,
including but not limited to the requirement for an effective
registration statement and limitations based upon the trading
volume of MINE's common stock for cash consideration, up to an
aggregate of $5 million.
The Equity Funding Facility is a cost effective and flexible
financing instrument that places MINE in control of how and when it
raises equity. MINE will control the timing and amount of any
future sales of shares to RCP and is under no obligation to sell
any additional shares to RCP. A more detailed description of the
agreement with Roswell Capital Partners will be set forth in the
MINE's report on Form 8-K to be filed with the SEC.
Paul Gorski, Senior Investment Officer at Roswell, added, "We
are very excited to be working with MINE and look forward to
providing them with the necessary capital and support to achieve
their potential in the coming years."
"Roswell Capital Partners have been excellent to work with as we
share many of the same goals when it comes to renewable energy.
This agreement is expected to give us the ability to move forward
on the initial phase of building of our Chiligatoro Hydro-Electric
Project and for future potential acquisitions, which is something
we both want to see happen," said V. Scott Vanis, MINE CEO and
President.
Construction for the Chiligatoro Project is expected to begin in
2011.
About Roswell Capital Partners -- Roswell
Capital Partners, LLC, is a fund management company focused on
private equity investments in small-cap publicly traded securities.
Since 1994, its members have served in the Private Equity Markets
as the Principal or Investment Banker for over 125 public
companies.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
often identified by the words "believe," "anticipate," "expect,"
"intend," "estimate," and similar expressions. All statements in
this document regarding the future outlook related to Minerco are
forward-looking statements, including, but not limited to
statements regarding the financing's impact on our ability to move
forward with the Project and the expected date of commencement of
construction. Such statements are based on the current
expectations, beliefs, estimates and projections of management and
are subject to a number of risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements, such as the financing not being as
successful as anticipated, our inability to meet the conditions
necessary in order to effectuate the financing, delays in the
construction of the Project and the failure of the Project to
result in anticipated revenue. Additional uncertainties and risks
are described in our most recently filed SEC documents, such as our
most recent annual report on Form 10-K. For a more detailed
discussion of factors that affect our operations, please refer to
our Securities and Exchange Commission filings. Copies of this
filing are available through the SEC website at http://www.sec.gov.
All forward-looking statements are based upon information available
to us on the date hereof. The Company undertakes no obligation to
update this forward-looking information.
Please contact: Minerco Resources, Inc.
info@minercoresources.com 281-994-4187
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