Silverado (OTCBB: SLGLF) has managed to arrange a line of credit of up to a staggering $US100 million as detailed in a news release by the company today.
Vancouver, British Columbia, May 12, 2009 - Silverado Gold Mines Ltd (OTCBB: SLGLF) (Frankfurt: SLGL) (www.silverado.com) ("Silverado") hereby announces its entry into an equity line of credit agreement with Ashborne Finance Ltd., a British Virgin Islands corporation, pursuant to which Silverado has the right to raise at least $US 3,000,000 and up to $US 100,000,000 through the sale of its common stock over the course of the agreement, and upon execution, immediately raised $US 250,000 of capital pursuant to an initial sale of 25 million common shares at a price of $US 0.01 per share under the agreement. Silverado's president,
Garry Anselmo, said: "We anticipate that our entry into this credit line agreement could facilitate the funding of our ongoing business activities in the present difficult economic climate." Shareholders and prospective investors may review Silverado's filings of today's date on EDGAR and SEDAR for more information.
We can only assume that Ashborne Finance Ltd know something that we don't in order to take on the risk. It has to be remembered that Silverado has a market capitalization of a lowly $10.98 million so it wouldn't take much for this group to become the major shareholder.
The order of the day is watch this space.
Have a good one.
Silverado trades as SLGLF: OTC BB, Frankfurt and Berlin as SLGL.
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