Business
B2Digital (BTDG.PK) and Buyer Group International, Inc. (BYRG.PK) to Disclose Letter of Intent for Joint Venture on Feldspathic Sand/ Feldspar Aramco Mineral Claims With Eye on Raising Capital
B2Digital (BTDG.PK) and Buyer Group International, Inc. (BYRG.PK) to Disclose Letter of Intent for Joint Venture on Feldspathic Sand/ Feldspar Aramco Mineral Claims With Eye on Raising Capital.
About this update from Buyer Group International, Inc.
[{"type":"text","content":"Joint\nVenture Participation Letter of Intent reached between BTDG, BYRG and Voth\nInternational, Inc.\n\nB2Digital, Inc. (BTDG) and Buyer Group International,\nInc.(BYRG) have signed a Letter of Intent aimed at raising $120 million in debt\nround financing utilizing the past producing Aramco Land and Minerals Inc.\nclaims operation west of Phoenix, Arizona as collateral for funding\nthe venture. The venture seeks to confirm and prove up an estimated 600\nmillion tons pertaining to the groups 147 claims on roughly 2,940 acres.\n\nParticipation interests include 50% for BTDG, 25% for\nBYRG, and 25% for Voth International, Inc. BTDG will provide the property\nincluding full access along with potential sales exits, and BYRG joins effort\nin procuring private equity and raising debt financing and managing creative\ncontent, and finally Voth International, Inc. for procurement of cash backed\nassets pending confirmation at the third party facilitators bank, who familiar\nwith the deal has documented to BYRG a similar transaction at a top six US\nfinancial institution. BYRG issued $1 million in equity along with\nprivate partners totaling $5 million in common shares of BYRG to be contributed\npending confirmation and disclosure of initial availability of cash funds as\nprovided by a US bank on behalf of the Joint Venture due within the next 30-45\ndays.\n\nBYRG has executed loan documents and is awaiting\nconfirmation of the cash backed assets to be sent to the financing group. Upon\nconfirmation the financing group will establish a draw down schedule for\nfunding BYRG to invest to the Fedlspath/Feldspar project. Initial funding is\nanticipated to be finalized within 7-10 days of confirmation of the funds\navailable against the cash backed assets. Upon funding, a full report\nanalysis per Guide 7 and National Instruments 43-101 based upon previous\ntesting and production is complete the property will serve as a basis for\nprocurement additional private capital and possible re-financing. Past\nproduction on the property included sales in the Arizona and Southern California\nconstruction and recreational markets through big-box construction retailers\nwhich curtailed with the housing bubble collapse. Future anticipated\noutlets will include regional uses such as the USGA golf course augmentation...