Silver Dragon Resources Inc. Secures $10 Million Financing From Dutchess Private Equities Fund, LP
Silver Dragon Resources Inc. (OTC BB: SDRG) today announced that it has signed a $10 million Investment Agreement with Dutchess Private Equities Fund, LP of Boston.
Under the terms of the agreement, Silver Dragon may elect to receive as much as $10 million from Dutchess through common stock purchases by Dutchess over the next three years.
“We selected Dutchess to invest in our company as they understand our business and growth strategy. Dutchess is an ideal financial partner to provide us with requisite capital for both short and medium term as well as opportunistic financing for acquisitions. This is a major milestone in the progress and future of Silver Dragon. The funding comes at a time when the silver market shows strong demand and our geologists have identified silver producing properties with untapped exploration potential. The funding commitment creates a significant opportunity for us to acquire such an asset or assets, with the intention of becoming an active silver producer in order to further our business plan,” stated Marc Hazout, President and CEO.
About Dutchess
Dutchess Private Equities Fund, LP is a fund engaged in assisting growth companies in all facets of their long-term strategy, by providing capital and progressive business solutions. The fund manages a portfolio of private investments in public equities (“PIPEs”). Dutchess has worked with such companies in the industries of: healthcare, biotechnology, technology, media, communications, oil & gas, textile, defense, precious metals and alternative energy. With offices in Boston and New York, Dutchess has assisted in facilitating the growth of companies located throughout North America and Europe. For more information, please visit www.dutchessadvisors.com
About Silver Dragon
Silver Dragon Resources Inc. is a mining and metal company focused on the exploration, acquisition, development and operation of silver mines in proven silver districts globally. Silver Dragon’s objective is to acquire silver mining assets that contain promising exploration targets, have highly-leveraged, out-of-the-money silver deposits, and/or are producing properties with significant untapped exploration potential. For more information, please visit www.silverdragonresources.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company’s control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
Contact: Silver Dragon Resources Inc. Marc Hazout (416) 661-4989 info@silverdragonresources.com
SOURCE: Silver Dragon Resources Inc.