Business
Second Street Capital, Inc., to Participate in Financing New World Mining Corporation’s Iron Ore Production and Sales to China
Second Street Capital, Inc., to Participate in Financing New World Mining Corporation’s Iron Ore Production and Sales to China.
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[{"type":"text","content":"PRESS RELEASE January 25, 2012Fort Lauderdale, Florida - Second Street Capital, Inc., to participate in financing New World Mining Corporation’s iron ore production and sales to China. Second Street Capital, Inc., a publicly traded company, (CTON:PK) has agreed to participate in financing New World Mining Corporation, a Fort Lauderdale company, that has begun producing and exporting iron ore from its Cerro Blanco mine located in the State of Michoacan, Mexico. New World Mining Corporation originally began purchasing iron ore in Mexico from local mines and exporting it to China last year. Just recently New World Mining became concessionaire of the Cerro Blanco mine. George Henderson, Executive Vice President and Chief Investment Officer of Second Street Capital, Inc., having just returned from his trip to Mexico stated, \" New World Mining has now completed the infrastructure work necessary to begin its own mining operations and is currently producing around 5,000 tons of high grade iron ore per week. Plans are to ramp up production and begin shipping up to 150,000 tons per month, to its select group of Chinese buyers. We find value in providing financing to well managed small and medium size companies such as New World Mining, that are structured to take advantage of investment opportunities available to them, but are not able to obtain regular bank loans.\"Second Street Capital, Inc. is a specialty finance company, providing working capital to small and medium size businesses and entrepreneurs. Headquartered in Ft. Lauderdale, Florida the company helps facilitate the flow of capital to community based companies to support job growth, share prosperity and increase the local tax base. Second Street Capital specializes in making revenue participation loans and preferred equity investments from $500 thousand to $10 million for real estate, small business and global trade finance operations. Certain information included in this press release may contain forward looking information that is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are SSCI’s ability to raise capital, risks associated with SSCI’s new business plan...