The Pride of the West Mill complex at Howardsville.
Investor to pony up
$1 million to back plan
Colorado Goldfields Inc. has announced that the company closed a funding arrangement with an institutional investor in the amount of $1 million.
The financing will, over the course of the facility timeline, provide funding for the company’s aged debt and for working capital requirements including work detail on the reactivation of The Pride of the West Mill at Howardsville, company officials said.
“This funding facility will support the execution of the company’s business plan, the re-activation of the Pride of the West Mill, while contemporaneously launching an aggressive exploration program at our Brooklyn and King Solomon Mines,” said Lee Rice, president and CEO of Colorado Goldfields.
“There is no question that over the past few years the challenges surrounding capital availability has slowed our progress. Now, Colorado Goldfields has the financing vehicle to meaningfully begin executing our business model,” said Stephen Guyer, chief financial officer for Colorado Goldfields. “Our shareholders to whom we owe much gratitude for their continued support and confidence should now have a comfort level that many, if not all, of our milestone objectives may soon be reached.”.
1st SB Partners Ltd., a micro-cap strategic consulting firm, headquartered in New York City, was instrumental in arranging the financing facility, Colorado Goldfields said in a press release.