According to a statement from Minerco, the Equity Funding Facility is a cost effective and flexible financing instrument that places the firm in control of how and when it raises equity. Minerco will control the timing and amount of any future sales of shares to RCP and is under no obligation to sell any additional shares to RCP.
"Roswell Capital Partners have been excellent to work with as we share many of the same goals when it comes to renewable energy. This agreement is expected to give us the ability to move forward on the initial phase of building of our Chiligatoro hydroelectric project and for future potential acquisitions, which is something we both want to see happen," said V. Scott Vanis, CEO and President of Minerco Resources Inc.
Construction for the Chiligatoro Project is expected to begin in 2011.
