Southridge Closes Second Tranche of $5,000,000 Financing
21 April 2011 - 6:22AM
Marketwired
Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce today that Southridge Minerals,
Inc., its wholly owned subsidiary has closed a second tranche of
its previously announced financing ("Debenture Financing") with
Quixstone Investments, Inc. ("QII") for gross proceeds of
$2,287,500. This brings the total amount raised to $4,575,000 from
the issuance of convertible debentures.
The Debenture Financing matures on December 14, 2013 (the
"Maturity Date") and bears an annual interest rate of 9.4% payable
on a quarterly basis. The outstanding principal under the
debentures has the option for the holder to convert into common
shares in the capital of the Company ("Common Shares") at a
conversion price of $0.35 per share. The debentures will be
systematically converted into common shares at a conversion price
of $0.35 in the event that the common shares trade at not less than
$0.55 per share for a minimum period of sixty (60) consecutive
trading days. Proceeds from this financing will be used for
corporate purposes, including working capital and funding for the
Company's Cinco Minas Gold property in Mexico.
For further information on the Company's Gold and Silver
projects, visit our website, www.southridgeminerals.com.
Investors can access the following Southridge Minerals social
media channels:
Facebook
(http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)
Twitter (http://twitter.com/SouthridgeSRGE)
YouTube Cinco Minas Project
(http://www.youtube.com/watch?v=C03I_ojnRFM)
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.
Michael Davies President Tel. (214) 699-6255 Email:
info@southridgeminerals.com http://www.southridgeminerals.com
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