BOTHELL, Wash., Sept. 19, 2012 /PRNewswire/ -- The Board of Directors of Borneo Resource Investments Ltd. (OTCPK: BRNE) today announced that the Company has secured a $10 Million credit facility from PT BRIngin Srikandi Finance, a subsidiary of PT Bank Rakyat Indonesia ("BRI"), Indonesia's largest banking group.
The credit facility has been provided in the form of a Letter of Indebtedness ("Promissory Note"), has a term of four years and bears interest at 4% per annum. The Company intends to use the net proceeds from the credit facility for expenses related to carrying out geological surveys and reserve estimations, strategic expansion of its concession portfolio, furthering of the coal trading business, and for working capital to support operations.
In announcing this facility, Nils Ollquist, Chairman and CEO of the Company said, "We are very pleased with the confidence shown in us by BRI, one of Indonesia's major financing institutions. We look forward to developing a long-term relationship with BRI as we advance our activities in Indonesia, which is rapidly becoming one of the most significant global economies and a resource gateway to Asia."
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. For example, we are using forward looking statements when we discuss the indications that estimate the value and amount of our coal reserves. 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 coal, a change in the estimate of coal on our concessions, an inability to extract the coal reserves and changes in Indonesian law. 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.
Investor Relations Contact:
For the Company:
Borneo Resource Investments Ltd.
R. Scott Chaykin, CFO
SOURCE Borneo Resource Investments Ltd.