Borneo Resource Investments Repays Convertible Notes
10 6월 2014 - 2:20AM
Marketwired
Borneo Resource Investments Repays Convertible Notes
BOTHELL, WA--(Marketwired - Jun 9, 2014) - Borneo Resource
Investments Ltd. (OTCQB: BRNE) (the "Company" or "Borneo"), a
mining company that mines gold and develops producing gold mining
properties in Indonesia, today announced it has repaid in cash its
third and only remaining convertible note with Asher Enterprises,
Inc., with a principal amount of $42,500, before any conversion of
the note into common stock.
Borneo had previously announced that it had repaid its two prior
convertible notes to Asher Enterprises including one in January
2014 in the principal amount of $37,500 and another in April 2014
in the principal amount of $32,500, both before the conversion
feature for each of those loans was triggered. As a result, Borneo
currently has no remaining notes with Asher Enterprises. On
June 2, 2014, Asher Enterprises filed a Form 13G with the
Securities and Exchange Commission indicating it did not
beneficially own any shares and was not entitled to shares of the
Company's stock.
"We are thankful to Asher Enterprises for the support they have
given our company. Their funding helped Borneo become a
revenue-generating mining company with gross profits. We are
generating cash flows based on two gold mining properties currently
in production, which should increase with two more gold mining
properties slated to begin production in the third quarter of
2014," stated Borneo CEO Nils Ollquist.
Borneo has also amended the terms of a warrant issued to its
Chief Financial Officer. The warrant, which was issued on December
17, 2013, was exercisable immediately from the date of grant until
it expired at the end of its five-year term. In accordance
with the amended terms, the warrant may not be exercised until
December 17, 2016. The other terms of warrant remain
unchanged.
About Borneo Resource Investments Ltd.
Borneo Resource Investments Ltd. (OTCQB: BRNE) is a mining
company that mines gold and develops producing gold mining
properties as well as coal mining properties in the Republic of
Indonesia. Borneo's current assets include three gold properties,
two of which are producing gold. Cash flow-producing investments in
gold properties help fund Borneo's operations and investments in
gold, while the Company develops high value, longer-term
investments in thermal "coal concessions," which are properties
that can be mined for coal. Borneo currently has one coal
concession in the Borneo region of Indonesia. Indonesia was
the 8th largest gold producing nation in 2012 and the world's
largest exporter of coal, with $25 billion exported in 2012.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and federal securities
laws. Words such as "believe", "estimate", "will be", "will",
"would", "expect", "anticipate", "plan", "project", "intend",
"could", "should" or other similar words or expressions often
identify forward-looking statements. All statements other than
statements of historical fact are forward-looking statements,
including, without limitation, statements regarding our outlook,
projections, forecasts or trend descriptions. These statements do
not guarantee future performance, and we do not undertake to update
our forward-looking statements.
For example, we are using forward-looking statements when we
discuss the indications that estimate the potential revenue that
may be generated from this property. These forward-looking
statements are based on the current expectations of the management
of Borneo Resource Investments Ltd. only, and are subject to a
number of factors and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from those described in the
forward-looking statements: changes in the price of natural
resources, a change in the estimate of natural resources on our
concessions, a change in the ability to extract the natural
resources, changes in Indonesian law, risks associated with
counterparty default in any of our agreements and the ability to
acquire funding. Except as otherwise required by law, Borneo
Resource Investments Ltd. undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events.
Please join our email distribution list by contacting us at
ir@borneore.com. Related Links: http://www.borneore.com
Investor Relations Contacts: Borneo Resource Investments Ltd. R.
Scott Chaykin CFO schaykin@borneore.com or Corporate Profile, LLC
Dilek Mir Managing Director 310-591-5619
Borneo Resource Investme... (PK) (USOTC:BRNE)
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