DALLAS, TX--(Marketwire -06/19/12)- Southridge Enterprises Inc. (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:
About Southridge Minerals, Inc. (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.
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.