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Southridge Closes Second Tranche of $5,000,000 Financing

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PETELONGS   Wednesday, 04/20/11 04:30:07 PM
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Southridge Closes Second Tranche of $5,000,000 Financing

DALLAS, TX--(Marketwire - 04/20/11) - Southridge Enterprises Inc. (Pinksheets:SRGE - News) ("Southridge" or the "Company") is pleased to announce today that Southridge Minerals, Inc., its wholly owned subsidiary has closed a second tranche of its previously announced financing ("Debenture Financing") with Quixstone Investments, Inc. ("QII") for gross proceeds of $2,287,500. This brings the total amount raised to $4,575,000 from the issuance of convertible debentures.

The Debenture Financing matures on December 14, 2013 (the "Maturity Date") and bears an annual interest rate of 9.4% payable on a quarterly basis. The outstanding principal under the debentures has the option for the holder to convert into common shares in the capital of the Company ("Common Shares") at a conversion price of $0.35 per share. The debentures will be systematically converted into common shares at a conversion price of $0.35 in the event that the common shares trade at not less than $0.55 per share for a minimum period of sixty (60) consecutive trading days. Proceeds from this financing will be used for corporate purposes, including working capital and funding for the Company's Cinco Minas Gold property in Mexico.

For further information on the Company's Gold and Silver projects, visit our website, www.southridgeminerals.com.

Investors can access the following Southridge Minerals social media channels:

Facebook (http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)

Twitter (http://twitter.com/SouthridgeSRGE)

YouTube Cinco Minas Project (http://www.youtube.com/watch?v=C03I_ojnRFM)

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