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Southridge Closes Second Tranche of $5,000,000 Financing

DALLAS, TX--(Marketwire - 04/20/11) - Southridge Enterprises Inc. (Pinksheets:SRGE - News) ("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 (https://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)Twitter (https://twitter.com/SouthridgeSRGE)YouTube Cinco Minas Project (https://www.youtube.com/watch?v=C03I_ojnRFM)About Southridge Minerals, Inc. (Pinksheets:SRGE - News)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 StatementsThis 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.