Green Energy Resources: Financing Commitment
Green Energy Resources announces it has received a financing commitment for an $8 million shared credit. The $8 million commitment is separate and in addition to the agreement announced June 15th which is specifically designed to pay for woodchip procurement. These financing funds will be used in a joint venture to be announced. In consideration for the shared credit facility, Green Energy Resources has granted a 2-year option for the India-based corporation and/or its designees to purchase 50 million shares of common stock with registration rights. The options granted start the date funds have been received from the credit facility. The exercise prices are at .10, .25, .50, .75 and $1 in 10 million share blocks per exercise price. Once the options are exercised, it will provide Green Energy Resources with additional capital toward retiring outstanding debt balances and sufficient reserves.
Green Energy Resources CEO, Joseph Murray, stated: "We are gratified Green Energy Resources has been able to construct a viable method for obtaining needed liquidity at a time when traditional lenders are increasingly cautious in extending financing opportunities. This financing structure will immediately reflect our true valuation and more importantly, provide timely liquidity to our company. The commitments that we have managed to obtain in this climate are indicative of the strength of Green Energy's model, and validate our firm belief that the alternative energy sector has the unique attention and support of financing sources."
Green Energy Resources is an environmentally friendly company supplying renewable energy power generators in the US and Europe. The company is engaged in green house gas reduction through woodfiber fuels.
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.
Green Energy Resources
275 Madison Avenue
New York, NY 10016
Joseph C. Murray
President and CEO