Business
CORRECTION: Summary: Buyer Group International, Inc. (BYRG.PK) to Disclose Letter of Intent and Executed Documents with Eye on Raising Capital For Greenland And Felspar In Arizona - Pending Full Dislcosure
CORRECTION: Summary: Buyer Group International, Inc. (BYRG.PK) to Disclose Letter of Intent and Executed Documents with Eye on Raising Capital For Greenland And Felspar In Arizona - Pending Full Dislcosure.
About this update from Buyer Group International, Inc.
[{"type":"text","content":"Redacted Summary Disclosures: JointVenture Participation Letter of Intent reached between BTDG (50%), BYRG(25%) and VothInternational, Inc.(25%) indicating Aramco Land and Minerals Inc. claims to be contributed as collateral for use in raising capital through a multi-round of debt financing of $120 million utilizing the past producing Aramco Land and Minerals Inc.claims operation west of Phoenix, Arizona. The venture seeks to confirm and prove up an estimated 600million tons pertaining to the groups 147 claims on roughly 2,940 acres.In addition, Buyer Group International, Inc.(BYRG) has received assignment of assets in Greenland from the owners of Greenland Caribou Corporation having assigned majority interest to BYRG with an eye on increasing the liquidity of the operations by $500,000 in the next six months and refinancing existing debt by the end of three years.Upon the first debt financing round achieving $40 million in funding for Arizona BYRG agreed to contribute $1 million in common equity of BYRG stock and another $4 million from private partners, to be fully placed and assigned at the end of the first round. For the assignment of Greenland the company agreed to contribute $200k in common equity and increase the existing operational liquidity by $500,000 in 6 months and restructure the debt by sourcing outside and/or institutional capital.BYRG Companywebsite: [email protected]","length":3463,"tagName":"div"}]