DALLAS, Dec. 10, 2012 /PRNewswire/ -- Southridge
Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company")
is pleased to announce today that Southridge Minerals, Inc., its
wholly owned subsidiary, wanted to clarify several corporate items.
Firstly and with respect to the recent announcement involving Magna
Group Capital Management, LLC., the Company has been engaged with
Magna regarding their services to facilitate our up-listing process
to the OTCBB and has received a term sheet from Magna. The Company
is obligated to supply Magna with a number of due diligence items
in order to satiate Magna's requirements to proceed with the
up-listing process.
Currently, every effort is being made by management to supply
Magna with the necessary information. However, this information
flow has been temporarily delayed due to the Company's recent and
unexpected requirement to upgrade its legal representation which
has created an urgent need to focus on the completion of the
Company's annual report filing that was initiated over a month
ago.
Secondly, the Company has now increased its authorized capital
to 1.5 billion shares, while the total shares issued and
outstanding remains the same. Based on many
recent discussions, advisements and opportunities, management
believed it was imperative for the Company to have additional
capital issuance capacity to allow for and facilitate future joint
ventures, asset sales and/or acquisitions in order to maximize the
Company's strategic positioning.
Southridge Minerals currently holds a portfolio of mineral
properties located in several world-class mining regions of
Mexico. The properties include the
past producing and flagship property Cinco
Minas, along with the Gran Cabrera, Los Compadres,
La Esperanza, La Canita and El
Horconcito.
For further information on the Company's Gold and Silver
projects, visit our website: http://www.southridgeminerals.com.
Southridge Investors can access the following Southridge
Minerals social media channels:
YouTube Cinco Minas Mexico Project:
http://youtu.be/R6P8oght4Ik
http://youtu.be/o2LfLaSu8ww
Facebook:
http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466
Twitter: http://twitter.com/SouthridgeSRGE
About Southridge Minerals, Inc. (SRGE)
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 early stage opportunities with good
mineralization indicators that exhibit significant blue-sky
potential. Southridge pursues and advances these projects that are
or will be of interest to mid-size and major producers. By forming
alliances on individual projects, the Company expects to develop
its interests 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 and the knowledge of the
geological conditions and formations pertaining to known large gold
deposits that have received very little attention to date. This
comparative advantage, combined with a specific geographical and
mineral focus, will allow for more efficient asset and income
growth in the future for the benefit of shareholders'
investments.
Forward-Looking Statements
Although the Company believes that the forward-looking statement
of 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 published current and periodic reports.
Southridge Enterprises Inc.
Investor Relations
Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
SOURCE Southridge Enterprises Inc.
