SOURCE: Minerco Resources, Inc.

December 06, 2010 16:44 ET

Minerco Resources, Inc. Signs $5 Million Funding Commitment With Institutional Investor Roswell Capital Partners

HOUSTON, TX--(Marketwire - December 6, 2010) - Minerco Resources, Inc., (OTCBB: MINE), a developer, producer and provider of clean, renewable energy solutions in Latin America, announced today the signing of a $5M Equity Funding Facility with Centurion Private Equity, LLC ("Centurion"), an affiliate of Alpharetta, Georgia based Roswell Capital Partners ("RCP"). The Equity Funding Facility is designed to fund the initial phases of the Chiligatoro Hydro-Electric Project in Honduras and future potential acquisitions. 

Centurion has committed to purchase, subject to certain conditions and limitations set forth in the closing documents, including but not limited to the requirement for an effective registration statement and limitations based upon the trading volume of MINE's common stock for cash consideration, up to an aggregate of $5 million.

The Equity Funding Facility is a cost effective and flexible financing instrument that places MINE in control of how and when it raises equity. MINE 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. A more detailed description of the agreement with Roswell Capital Partners will be set forth in the MINE's report on Form 8-K to be filed with the SEC.

Paul Gorski, Senior Investment Officer at Roswell, added, "We are very excited to be working with MINE and look forward to providing them with the necessary capital and support to achieve their potential in the coming years."

"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 Hydro-Electric Project and for future potential acquisitions, which is something we both want to see happen," said V. Scott Vanis, MINE CEO and President.

Construction for the Chiligatoro Project is expected to begin in 2011.

About Roswell Capital Partners -- Roswell Capital Partners, LLC, is a fund management company focused on private equity investments in small-cap publicly traded securities. Since 1994, its members have served in the Private Equity Markets as the Principal or Investment Banker for over 125 public companies.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the words "believe," "anticipate," "expect," "intend," "estimate," and similar expressions. All statements in this document regarding the future outlook related to Minerco are forward-looking statements, including, but not limited to statements regarding the financing's impact on our ability to move forward with the Project and the expected date of commencement of construction. Such statements are based on the current expectations, beliefs, estimates and projections of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, such as the financing not being as successful as anticipated, our inability to meet the conditions necessary in order to effectuate the financing, delays in the construction of the Project and the failure of the Project to result in anticipated revenue. Additional uncertainties and risks are described in our most recently filed SEC documents, such as our most recent annual report on Form 10-K. For a more detailed discussion of factors that affect our operations, please refer to our Securities and Exchange Commission filings. Copies of this filing are available through the SEC website at http://www.sec.gov. All forward-looking statements are based upon information available to us on the date hereof. The Company undertakes no obligation to update this forward-looking information.

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