SOURCE: Sungro Minerals, Inc.

January 22, 2010 07:00 ET

Sungro Minerals, Inc. Closes Out First Round of Private Placement Financing

WARWICK, RI--(Marketwire - January 22, 2010) - Sungro Minerals, Inc. (OTCBB: SUGO) announced today that it has received the initial funds needed to close the acquisition of the Conglomerate Mesa and will open up to accredited investors additional rounds of financing as it deems necessary. This announcement does not suggest that we have officially closed on the CM transaction but have set aside in escrow the funds needed.

Details of the Private Placement of Equity shares and debentures with certain accredited investors in excess of $500,000 will be included with the Company's upcoming 10K filing. The company seeks to finalize additional commitments of funds in Q2 of its current fiscal year which ends November 30, 2010. A Private Placement Memorandum seeking to raise between $2.5 and $5.0 million is currently circulating among institutional and accredited investors.

About Sungro Minerals, Inc.

Sungro Minerals, Inc. is an early stage Mining and Exploration Company that expects to complete the acquisition of certain claims known as the "Conglomerate Mesa," located in Inyo, California. The closing of the acquisition should be completed in January 2010. The Conglomerate Mesa project consists of 341 unpatented claims, with a high concentration of gold, silver, copper and other industrial base metals.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. In general, estimates of 3P (proven, possible & probable) reserves are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological, technological and engineering estimates and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking estimates. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:

    Sungro Minerals, Inc.
    Erwin Vahlsing, Jr.
    Tel: (401) 648-0805
    Fax: (401) 648-0699