Colorado Goldfields Inc. Announces $125,000 Pay Down on Pride of the West Mill Mortgage and Receives One Year Extensionadmin
Colorado Goldfields Inc. announces that the Company has now paid down $125,000 of the existing promissory note on the Pride of the West Mill through the funding facility announced last June. It is anticipated that this funding source will also assist the Company in funding the financial warranty increase.
The Company has also received an extension until December 31, 2011 of the loan on the Company’s Pride of the West Mill. The loan was originally due to expire on December 29, 2010, at which time Colorado Goldfields would have had to repay the balance in full.
As stated in the June 3, 2010 press release, “the Company closed a funding arrangement with an institutional investor in the amount of $1 million. The financing will, over the course of the facility timeline, provide funding for the Company’s aged debt and for working capital requirements including work detail on the reactivation of The Pride of the West Mill.”
1st SB Partners Ltd., a consulting firm providing strategic advisory services in the micro cap realm, headquartered in New York City, was instrumental in arranging the financing facility for the Company.