Centurion Gold Holdings Secures a $25M Equity Line; Funds Will Be Used to Advance Acquisition of Mining Assets Strategy
JOHANNESBURG, South Africa
Stern & Co.
Truc Nguyen, VP, Investor Relations, 212-888-0044
tnguyen@sternco.com
Centurion Gold Holdings, Inc., (OTC BB: CGHI.OB), announced today the company has secured a $25.0 million equity commitment from Dutchess Private Equities Fund, II, LP, of Boston, MA.
Under the agreement, Dutchess Private Equities Fund has committed to purchase up to $25 million in shares over a 36-month period.
Ted Smith, executive vice president of corporate finance of Dutchess, said, "We are pleased to work with Centurion Gold in funding its growth and fully executing on their business plan. We look forward to working with management."
CEO Dale Paul of Centurion Gold Holdings said, "We are excited to enter into an equity line agreement with Dutchess Private Equities Fund. The funds will be used to expedite our acquisitions of mining assets in line with our growth through acquisition strategy."
"With this equity line," Paul added, "Centurion Gold Holdings has in place an inexpensive funding mechanism and ready cash to take advantage of the tremendous acquisition opportunities available in South Africa, resulting from the "use it or lose it" mining legislation enacted last May. We need an equity line available to capitalize on opportunities quickly and the Dutchess funding provides us with just that."
About Centurion Gold Holdings, Inc.:
Centurion Gold Holdings, located in Johannesburg, South Africa, started three years ago to identify and acquire promising ore-bearing properties. In addition to its current holdings of four properties: the Primrose Gold Mine; the Omaruru Gold Mine; the Sallies Mine and a chrome bearing operation, the company is positioning itself to become a major producer in this market by acquiring additional mineral bearing properties and mineral rights.
About Dutchess Private Equities Fund, LP
Dutchess Private Equities Fund, LP is engaged in assisting growth companies in all facets of their long-term strategy by providing capital and progressive business solutions. Dutchess Private Equities Fund LP, manages a portfolio of private investments in public equities. Founded in 1996, Dutchess has been involved in excess of $200 million in financings for such companies.
Forward Looking Statements:
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.
otcbb.com |
