Supatcha Resources Secures $10,000,000 Financing to Fund Barlevskoye and Vynohradiv Gold Mines
April 07 2010 - 4:15PM
Marketwired
Supatcha Resources Inc. (OTCBB: SAEI) ("Supatcha" or the "Company")
announced today that it has executed an agreement with Melco
Investments, Ltd. ("MIL"), providing for a $10,000,000 financing.
This financing is in the form of a convertible debenture with terms
stipulating an interest rate of 8% and a loan repayment term of 24
months from the date of execution of the agreement, by way of cash
or through the conversion of shares of Supatcha Resources 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.
The securities potentially offered to the investor, under the
terms of the financing, will not be registered under the Securities
Act of 1933 as amended (the "Act"), and may not be offered or sold
in the United States absent of registration, or an applicable
exemption from registration, under the Act. The monies from this
financing will be utilized to cover operational and development
costs at Supatcha's Barlevskoye and Vynohradiv Gold Mines. The
funds provided will also be a contingency for costs that may arise
in the first few months of the Company's aggressive development and
exploration program. Additionally, the availability of these funds
will provide the Company with the necessary capital cost
commitments and general working capital in the near term.
"We are very pleased to have concluded this financing with Melco
Investments and are appreciative of the 24 month timeline of the
funds. While we may not require the use of the entire $10,000,000
that this financing provides," stated Mr. Nikolae Yagodka, CFO of
Supatcha, "its availability will help to ensure that the mine
acquisition, development and exploration programs at the
Barlevskoye and Vynohradiv mines will proceed in a smooth and
timely fashion."
"These funds will allow us to immediately commence with
implementation of our operating strategy. The financial commitment
afforded by this financing is an indication of confidence in the
future success of our projects and will be significant to the
growth of the Company," stated Mr. Nikolae Yagodka, Chief Financial
Officer. "The exercise price of the convertible notes at between
$2.10 and $2.50 per share also demonstrates the lender's confidence
in the Ukrainian Gold team to provide results through the Company's
programs," added Mr. Yagodka.
For further information on the Company's gold and base metal
projects, visit our website, www.supatcharesources.com.
About Supatcha Resources Inc. (OTCBB: SAEI)
Supatcha Resources Inc. is a gold exploration company focused on
acquiring and developing mining properties in Ukraine. Supatcha is
in the final stages of acquiring two additional gold mining
projects in southwestern Ukraine with world-class potential.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," as that
term is defined in Section 27A of the United States Securities Act
of 1933 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
mineral exploration. We are not in control of metals prices and
these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume 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 we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our annual report on Form
10-KSB for the last reported fiscal year, our quarterly reports on
Form 10-QSB and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
For further information please contact: Investor Relations Tel.
(303) 552.0480 Extension 104 Fax. (303) 552.0481 Email:
info@supatcharesources.com http://www.supatcharesources.com
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