Southridge Minerals Secures $3,500,000 Financing to Fund the El Horconcito Gold Property in Durango, Mexico
June 19 2012 - 9:39AM
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
Duvernoi Capital Investments Inc. ("DCII"), providing for a
$3,500,000 financing. This financing is in the form of a
convertible debenture with terms stipulating an interest rate of
8.8% and a loan repayment term of 32 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.
Michael Davies, Chief Executive Officer of the Company, stated
"We are very pleased to have entered into the financing agreement
with Duvernoi Capital Investments Inc.. This capital will allow us
to move forward in implementing our strategy to increase the
company's footprint along the Sierra Madre Occidental gold
belt."
Additionally, Mathers Research has initiated research coverage
of Southridge, with a "Speculative BUY" Opinion and a near term
price target of $0.20 cents per share. The Mathers Research report
is available as a free download on the Mathers Research Website @
http://mathersresearch.com/srge-report.
For further information on the Company's Gold and Silver
projects, visit our website: http://www.southridgeminerals.com.
Southridge Investors can access the following Southridge
Minerals social media channels:
YouTube Cinco Minas Mexico Project:
(http://youtu.be/R6P8oght4Ik) (http://youtu.be/o2LfLaSu8ww)
Facebook:
(http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)
Twitter: (http://twitter.com/SouthridgeSRGE)
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 early stage opportunities with good
mineralization indicators that exhibit significant blue-sky
potential. Southridge pursues and advances these projects that are
or will be of interest to mid-size and major producers. By forming
alliances on individual projects, the Company expects to develop
its interests 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 and
the knowledge of the geological conditions and formations
pertaining to known large gold deposits that have received very
little attention to date. This comparative advantage, combined with
a specific geographical and mineral focus, will allow for more
efficient asset and income growth in the future for the benefit of
shareholders' investments.
Forward-Looking Statements Although the Company believes that
the forward-looking statement of 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 published current and
periodic reports. Contact:
Southridge Enterprises Inc. Investor Relations Tel. (214)
699-6255 Email: info@southridgeminerals.com
http://www.southridgeminerals.com
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