EastBank Capital Issues Agreement for $25M Project Finance Facility.
EastBank Capital issued a Letter of Agreement for a Commercial Finance Loan of $25M to acquire and extract gold (Au) assets from a proven reserve in Peru.
New York City (I-Newswire) March 3, 2013 - EB Capital, LLC ("EastBank Capital") announced today that is has issued a Letter of Agreement for a Commercial Finance Loan of Tweny Five Million Dollars ("Loan") to a privately held Trust Mining Company ("Company") in connection with a planned project finance facility for the development of the Company's Gold Project. The proceeds of the Loan will be used by the Company for commercial extraction and exploitation of proven gold (Au) assets in the Country of Peru.
The Company's strategy is to acquire the mine and rights to the property at the mine and then increase production of the gold assets. This will be completed thru the purchase and lease of new equipment and the build out of a commercial road to and from the site. The Company has completed positive feasibility studies as well as geological reports that will substantiate the development. The Company's main goals are to significantly add value to the local economy with job creation.
The Borrower is a privately held Trust Mining Company firm currently involved in exploration and planning for the development of in-ground asset extraction thru commercial applications. The mine has completed Geological Surveys that show approximately 2 million plus ounces of recoverable gold (Au) that is readily available thru surface mining.
"The proceeds of the Loan will greatly assist the Borrower in developing a proven mine that is currently operating and propel the operations that will meet the ever increasing demands for gold." said Joshua Estes, Managing Director of EastBank Capital.
About EastBank Capital
230 Park Avenue, 10th Floor
New York, NY 10169
Phone : 6463502967
Published On:March 3, 2013
Print Release:Print Release
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