New York-based private equity firm Eagle Private Equity is to provide an immediate USD1 million credit line to be provided by Eagle, along with a subsequent debt or equity financing of up to USD10 million.
Proceeds from the loans and other financing will be intended for the acquisition of mineral assets. Loans made to the Company based on the initial USD1 million credit line may be converted into a newly-created class of the Company’s preferred stock.
Dan Anderson, the Company’s Chief Financial Officer, says: “We are extremely pleased to announce this term sheet and believe the financing can be the catalyst for future growth. We look forward to taking the Company in a positive direction that we believe will further benefit our shareholders.”
Carl George, principal of Eagle Private Equity, adds: “We are very happy to provide BRI with initial financing. We are impressed with the quality of current management and look forward to working with management to secure additional acquisition financing.”
