Southridge Minerals Corporate Update
DALLAS, Dec. 10, 2012
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
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
Southridge Investors can access the following Southridge Minerals social media
YouTube Cinco Minas Mexico Project:
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
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
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.
Tel. (214) 699-6255
SOURCE Southridge Enterprises Inc.
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