HENDERSON, Nev., Oct. 04, 2016 (GLOBE NEWSWIRE) -- Oroplata Resources, Inc. (“Oroplata” or the “Company”) (OTCBB:ORRP) today announced it has entered into a $550,000 funding agreement with Tangiers Capital LLC of San Diego.
Under the terms of the funding agreement dated September 28, 2016, Oroplata sold a secured 10% Fixed Convertible Promissory Note in the principal amount of up to $550,000 (the “Note”) to Tangiers Capital for initial consideration of $110,000. The Note matures on September 28, 2017 but can be repaid prior to maturity at the Company’s discretion for 180 days. The Company has filed an 8K with the SEC providing complete details regarding the terms and conditions of this agreement.
“We are very pleased to have successfully completed an agreement for funding our planned work program at our Western Nevada Basin lithium brine project in Nevada,” stated Craig Alford, Oroplata CEO. “With the initial tranche of this funding in place, we expect the first phase of our planned work program to commence later this week.”
About Oroplata Resources Inc.
Oroplata Resources, through its wholly-owned subsidiary, Lithortech Resources Inc., is focused on becoming a substantial profitable lithium producer by the rapid development of valuable production-grade lithium brine deposits in Nevada and throughout the southwest U.S.
Legal Notice and Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the expected project economics for Western Nevada Basin (Railroad Valley), including estimates of life of mine, average production, cash costs, AISC, initial CAPEX, sustaining CAPEX, pre-tax IRR, pre-tax NPV, net cash flows and recovery rates, the impact of self-mining versus contract mining, the timing to obtain necessary permits, the submission of the project for final investment approval and the timing of initial gold production after investment approval and full financing, metallurgy and processing expectations, the mineral resource estimate, expectations regarding the ability to expand the mineral resource through future drilling, ongoing work to be conducted at the Western Nevada Basin (Railroad Valley), and the potential results of such efforts, the potential commissioning of a Pre-Feasibility study and the effects on timing of the project, are "forward-looking statements." Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended September 30th, 2015 . The Company assumes no obligation to update any of the information contained or referenced in this press release.
Source:Oroplata Resources, Inc.