Xuan Wu Signs Letter of Intent with Guo Fa Jiangsu Venture Capital Group Initial Funding of $3.7M

Date : 10/01/2009 @ 2:30PM
Source : Business Wire
Stock : Xuan Wu International Group Holding Co. (PC) (XNWU)
Quote : 0.19  0.0 (0.00%) @ 9:21PM

Xuan Wu Signs Letter of Intent with Guo Fa Jiangsu Venture Capital Group Initial Funding of $3.7M

Xuan Wu International Group Holding Co. (PC) (USOTC:XNWU)
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Xuan Wu Group International Holding Company, Inc., (XNWU.PK), a processor of ballast and limestone, is pleased to announce that it has signed a letter of intent with the National Development Venture Capital Co., Ltd. of Jiangsu Province, People’s Republic of China, to provide equity financing of 25.08 million Rmb or approximately $3.7 million.

The use of proceeds will be for the purchase of additional ballast mine that is estimated to possess over 300 million tons of ballast. The mine’s ballast will be used in either road construction in Hebei Province or railway construction for the new Beijing/Shanghai Express train.

Current spot rate on ballast is approximately $8.00 per ton, equating the mine to be valued at $24 million over its 10-year lifespan.

The Venture Capital group also has an option to increase its funding in Xuan Wu’s two other projects, the Quartz Diorite Mine and its hotel property.

The deal is expected to close after the Harvest Moon Chinese Holiday (Zhong Qiu Jie).

About Xuan Wu Group International Holding Company, Inc.

The Company’s subsidiary is engaged in the exploration, processing, and selling of basalt slip-resistant stones, railway ballasts, and limestone within the People’s Republic of China.

The Company has 20 year rights to two mines located near Wulizhuang Village in Hubei, Province. The annual output of each mine is approximately 300,000 tons.

For further information, please visit their website www.xuanwu.cn.

Legal Disclaimer

The statements contained in this press release contain certain forward looking statements, including statements regarding the company’s expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to the company’s management as of the date hereof, and actual results may vary based upon future events, both within and without the control of the company’s management.

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