Late Wednesday October 13, 2011, Portage Resources Inc (PINK:POTG), a firm extensively engaged in the exploration and production of precious and base metals in Peru, gladly announced today that the company has signed a definitive agreement for a $3,000,000 line of credit to further develop its significant mining properties in Peru.
The Portage Team has entered into the respective definitive agreement with Grupo Industrial Canamex, after indulging into thorough reviewing of available numerous financing opportunities over the past while. This agreement was signed by each party on October 12, 2011.
In connection to the respective agreement, Portage Resources Inc. has been working with Grupo Industrial Canamex to outline reasonable terms for this line of credit. A full detailed agreement is expected shortly.
Portage Resources President and CEO acknowledged that he would like express his heartfelt gratitude towards their new financing partner for their patience and faith in the company and its management, and is eagerly looking forward to initiate the next stages of their business plan.
The properties underlined by the company for which the respective $3,000,000 line of credit is to be utilized are at different stages of development, and at present the company’s main motive is to commence full scale production from each property. In connection to which, a budget is to be chalked out shortly defining the capital needs of each property.
Shares of POTG added 6% to $0.15 on high volume.
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