Southridge Minerals Secures $5,000,000 Financing to Fund the Cinco Minas Gold Property in Mexicoadmin
Southridge Enterprises Inc. announce that Southridge Minerals, Inc., its wholly owned subsidiary today has executed an agreement with Quixstone Investments, Inc. (“QII”), providing for a $5,000,000 financing. This financing is in the form of a convertible debenture with terms stipulating an interest rate of 9.4% and a loan repayment term of 36 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.
For further information on the Company’s Gold and Silver projects, visit website, www.southridgeminerals.com.