|By Marketwired .
|July 22, 2014 08:30 AM EDT
NEW YORK, NY--(Marketwired - July 22, 2014) - Britannia Mining, Inc. (OTC PINK: BMIN) (PINKSHEETS: BMIN) ("Britannia" or the "Company"), a UK based mining development Company, announced today that the Company is meeting the required milestones set by European structured finance and private equity firm, REM Capital ("REM"), in order to close a financing facility of $30 Million.
On the heels of presenting Britannia with a draft timetable (announced on June 5th), management has provided REM with the requested business plan and financial projections. These clearly illustrate how the company intends to use capital to advance its existing projects and make acquisitions to increase revenue potential. REM's structured finance proposal utilizes a Special Purpose Vehicle ("SPV") that will provide the framework for Britannia's capital financing.
CEO of Britannia Mining Kenneth Roberts commented, "Meeting this milestone is pertinent to our funding timetable, as it initiates preparations for REM to issue a formal term sheet for a non-dilutive financing facility. This is an extremely exciting position for the Company as the issuance of the term sheet moves the financing closer to completion."
The Chief Executive Officer of REM Capital, Gavin Scott, stated, "A robust business plan that demonstrates positive cash flow, along with an element of cash collateral and adequate security, are the core components that underpin the SPV facility. Having met with Britannia and their various JV partners on several occasions, we are confident these components will continue to be delivered. The proposed facility will be used to draw down working capital that Britannia will use to advance the Company's core interests in gold and iron ore, as well as to capitalize on the significant opportunity secured through iron ore stockpiles in Malaysia. We are confident the structured finance will help to unlock the value that is clearly inherent in the Company."
Mr. Roberts concluded, "We are very fortunate to be in a favorable position where both our anticipated cash flows and capital infusions are expected to be bountiful. This year holds great promise for us. Britannia should close out 2014 in a very positive revenue and cash position."
About REM Capital
REM Capital Management is a European structured finance house backed and supported by leading figures, including a founder of the modern private equity industry in Europe. REM Capital brings together heavyweights of industry, leading experts in private equity, real estate, hedge funds, fund management, emerging markets and banking. The firm's partnership consists of connected industry professionals, highly awarded and recognized people.
About Britannia Mining
Britannia Mining is a natural resources development company that is focused on acquiring high quality mineral, mining and other commodity-based projects. The company is committed to developing revenues by conducting exploration, evaluation and trading activities. The company's mission is to secure commodities by developing immediate and near term product pipelines for iron ore and other natural resources.
The Company is targeting revenue producing assets and is currently in negotiations regarding acquisition and trading of mineral stockpiles.
The company has been developing a high grade iron ore project in Malawi and is currently renewing the Exclusive Prospecting License (EPL) for iron ore over 650 sq. km at Nthale Blantyre. The company is targeting 100 Million Tons (MT) iron at Nthale Hill (20 sq. km).
Britannia Mining has inherited the legacy projects (Gold claims) of the former Micron Enviro Systems in the Yukon and plans to conduct sampling on this area.
For more information, please visit www.BritanniaMining.com.
This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may,'' "should,'' "expects,'' "plans,'' "anticipates,'' "believes,'' "estimates,'' "predicts,'' "potential'' or "continue'' or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled "Risk Factors'' in the Company's periodic filings with the United States Securities and Exchange Commission, which can be viewed at http://www.SEC.gov. For all details regarding working interests in all of BMIN's mining prospects or any previous news releases go to OTC Markets website. You should independently investigate and fully understand all risks before making investment decisions.
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