DNA Precious Metals Inc. Announces the Completion of $500,000 Credit Facility from Private Equity Fund to Capitalize on the Company's Ongoing Gold and Silver Pre-Production Mining Process
By a News Reporter-Staff News Editor at Investment Weekly News -- DNA Precious Metals, Inc. ("DNA" or "the Company") (OTCQB: DNAP) announced the completion of a $500,000 finance credit facility ("Facility") from a Chicago-based private equity fund to assist in the funding of the production facility for the processing of the Anacon Lead mining residues located on the Montauban Mine Property. The Company received the first $250,000 in funding this week.
The Facility stipulates an interest rate of 10% and is repayable within twenty-two (22) months.
On February 28, 2014, the Company received approval, from the Quebec Provincial Government's Ministry of Natural Resources ("MRN") for the Restoration Plan on the Montauban Mine Property which will be implemented subsequent to the Company's processing of the mining residues on the site.
On March 13, 2014, the Company received another Certificate of Authorization, also from the Quebec Provincial Government's Ministry of Sustainable Development, Environment, Wildlife and Parks ("MDDEFP"), with respect to operating a cyanide closed-circuit system to process the mining residues located on the Montauban Mine Property. Management believes that this additional permit will enable DNA to achieve recovery rates from existing metal grades of up to 92% for gold and 77% for silver.
"With the issuance of the two (2) Certificates of Authorization issued by the MDDEFP and the Restoration Plan approval issued by the MRN and our new funding partners in the United States, we can now begin the process of acquiring and installing circuit equipment in our mill facility to recuperate mica, gold and silver from the mining residues located on the Montauban Mine Property", stated James Chandik, Chief Executive Officer for DNA Precious Metals, Inc.
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