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Sunergy Announces Financing and Operations Update on Mining Projects in Liberia and Sierra Leone
Company Has Received the Necessary Funding to Sustain Winter Operations and Standard Seasonal Operations Through the End of 2014
|By Marketwired .
|July 21, 2014 12:08 PM EDT
SCOTTSDALE, AZ--(Marketwired - July 21, 2014) - Sunergy, Inc. ("Sunergy" or "the Company") (OTC PINK: SNEY) (PINKSHEETS: SNEY) announced today an operations update for our mining projects in Liberia and Sierra Leone.
Sunergy obtained the necessary funding through equity to sustain winter operations and begin working the dry season through the end of 2014, in Sierra Leone and Liberia, as outlined in the budget culminated through the efforts of management and under the direction of David Price. Sunergy is well under way with its winter schedule. David Price shall oversee operations in Liberia and Sierra Leone as he continues to travel back and forth to the projects in both countries which are in close proximity.
Operations move forward as Sunergy crews continue to work through winter into the non-rainy season, as the crew has prepared and strategized to work through the rough conditions. Under the direct management of David Price, the men are operating diligently and successfully; not only continuing to define the area in which they have discovered diamonds and gold, but setting the stage for a full speed operation when the rainy season stops; a first for Sunergy.
David Price is overseeing the repairs of our dredges and small wash plant for winter deployment. While repairs are in order David is currently heading up the physical testing "due diligence" as previously discussed to engage in sustainable production operations.
Garrett Hale, President and CEO, commented, "I am more than pleased that we have operations and productive activities in both Sierra Leone and Liberia. I want to reiterate that this is truly a new face of Sunergy; to be operating not only in more than one country or site, but to be engaged in winter operations and preparation will allow Sunergy to launch into full operations as a simple transition once the rains and rivers subside. After more than a year of taking office, I have become intrinsically involved in the day to day operations and am committed now more than ever as I see the potential of productive operations coming to fruition." Hale also states, "I still support my previous position that we are entering into a new phase for Sunergy and in the process of becoming a sustainable revenue generating company. I am currently, and will continue, to show my belief through my personal financial support."
Hale further states, "After discussions with Sunergy Advisors, I have elected to convert $20,000 of debt owed to me by the Company, predominantly from funds that I have directly invested for administrative and operations costs, for units priced at $0.0040, comprised of one restricted common share and one share purchase warrant @ $0.0055 exercisable for one year. Given what I know and the confidence I have in our teams in Sierra Leone, Liberia and The Gambia, I believe this is a prudent investment for me at this time."
Sunergy Inc. (OTC PINK: SNEY) (PINKSHEETS: SNEY), a Nevada corporation, is a junior mining company headquartered in Scottsdale, Arizona. The Company has made a transition from an exploration only company to a company currently focused on production and cash flow. We now have four dredges operating, 2 in Sierra Leone and 2 in Liberia. In addition to our core mining activities, the Company has used its considerable contacts earned over the past 4 years to develop non-mining partnerships and agency agreements with major international businesses representing Airport Security and Affordable Housing projects and Solar energy projects up to 250 megawatts, in the five West Africa Countries of Ghana, Sierra Leone, Liberia, The Gambia and Senegal. For more information, please visit www.sunergygold.com
Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin and Pampana Mining Concessions or cash flow from Liberian mining operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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