Borneo Resource Investments Ltd. (OTCQB: BRNE) (the "Company" or "Borneo"), a mining company that mines gold and develops producing gold mining properties in Indonesia, today announced it has repaid in cash its third and only remaining convertible note with Asher Enterprises, Inc., with a principal amount of $42,500, before any conversion of the note into common stock.
Borneo had previously announced that it had repaid its two prior convertible notes to Asher Enterprises including one in January 2014 in the principal amount of $37,500 and another in April 2014 in the principal amount of $32,500, both before the conversion feature for each of those loans was triggered. As a result, Borneo currently has no remaining notes with Asher Enterprises. On June 2, 2014, Asher Enterprises filed a Form 13G with the Securities and Exchange Commission indicating it did not beneficially own any shares and was not entitled to shares of the Company's stock.
"We are thankful to Asher Enterprises for the support they have given our company. Their funding helped Borneo become a revenue-generating mining company with gross profits. We are generating cash flows based on two gold mining properties currently in production, which should increase with two more gold mining properties slated to begin production in the third quarter of 2014," stated Borneo CEO Nils Ollquist.
Borneo has also amended the terms of a warrant issued to its Chief Financial Officer. The warrant, which was issued on December 17, 2013, was exercisable immediately from the date of grant until it expired at the end of its five-year term. In accordance with the amended terms, the warrant may not be exercised until December 17, 2016. The other terms of warrant remain unchanged.
About Borneo Resource Investments Ltd.
Borneo Resource Investments Ltd. (OTCQB: BRNE) is a mining company that mines gold and develops producing gold mining properties as well as coal mining properties in the Republic of Indonesia. Borneo's current assets include three gold properties, two of which are producing gold. Cash flow-producing investments in gold properties help fund Borneo's operations and investments in gold, while the Company develops high value, longer-term investments in thermal "coal concessions," which are properties that can be mined for coal. Borneo currently has one coal concession in the Borneo region of Indonesia. Indonesia was the 8th largest gold producing nation in 2012 and the world's largest exporter of coal, with $25 billion exported in 2012.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Words such as "believe", "estimate", "will be", "will", "would", "expect", "anticipate", "plan", "project", "intend", "could", "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.
For example, we are using forward-looking statements when we discuss the indications that estimate the potential revenue that may be generated from this property. These forward-looking statements are based on the current expectations of the management of Borneo Resource Investments Ltd. only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in the price of natural resources, a change in the estimate of natural resources on our concessions, a change in the ability to extract the natural resources, changes in Indonesian law, risks associated with counterparty default in any of our agreements and the ability to acquire funding. Except as otherwise required by law, Borneo Resource Investments Ltd. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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Related Links: http://www.borneore.com
Investor Relations Contacts:
Borneo Resource Investments Ltd.
R. Scott Chaykin
Corporate Profile, LLC
SOURCE: Borneo Resource Investments Ltd.