DNA Precious Metals Inc (OTCQB: DNAP) said Thursday that it has completed a credit facility of $500,000 from an unnamed Chicago-based private equity firm. According to DNA, the capital will be used to help finance a production facility for the processing of Anacon Lead mining residues on the Montauban mine property. Headquartered in Saint-Léonard, Québec, DNA is an exploration-stage mining producer. Update: In February, the company announced it had received a credit facility of up to $10 million from the private equity firm.
MONTREAL, May 1, 2014 /PRNewswire/ — DNA Precious Metals, Inc. (“DNA” or “the Company”) (OTCQB: DNAP) today 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.
About DNA Precious Metals, Inc.
DNA Precious Metals, Inc. is focused on near-term production of the Montauban tailings mine in the Province of Quebec, Canada with an aggressive search for economic production assets. The Company trades on the OTCQB market in the United States under the stock symbol DNAP. For more information, please go to www.DNAPreciousMetals.com.
On behalf of the Board James Chandik, Chief Executive Officer
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