OAKLAND, Calif., Oct. 27, 2014 /PRNewswire/ -- Oro East Mining, Inc. (OTCBB: OROE), a global mines acquisition, exploration, and development group and pioneer in sustainable mining and refinery technologies, announced on August 1, 2014 that it has paid in full the $1,000,000.00 loan from Royal Asset Management Company ("RAM").
The company entered into a Sale and Purchase Agreement for gold concentrates with Royal Asset Management Company on January 29, 2014, which was later modified by an Addendum, converting the initial $1,000,000.00 advance into a loan. The Addendum was executed on or about May 6, 2014. The full sum of the loan advance and interest have been paid in full by the company. OROE and Royal Asset Management Company have continued their buy-sell arrangement and Royal Asset Management Company continues to be a prominent supporter of the company's Carson Hill Gold Project.
Also on August 1, 2014, the Company entered into a promissory note for the sum of $800,000.00 with an undisclosed foreign investor at a 15% interest rate and maturation date of February 1, 2015. The sum was used to pay off the Royal Asset Management Company loan.
Disclaimer about forward-looking statements. This news release includes "forward-looking statements" as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the control of Oro East. These forward- looking statements include, but are not limited to, all statements other than statements of historical facts contained in this news release, including, without limitation, those regarding future expectations of Oro East. Readers can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "potential," "predict," "project," "risk," "should," "will" or "would" and other similar expressions. Risks, uncertainties and other factors may cause Oro East's actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). These factors include the failure to complete and commission the mine facilities, processing plant and related infrastructure in the time frame and within estimated costs currently planned; variations in global demand and price for molybdenum and copper; fluctuations in exchange rates between the U.S. dollar and the Philippine peso; failure to recover the resource and reserve estimates of the Project; the failure of Oro East's suppliers and service providers to fulfill their obligations under construction, supply and tolling agreements; unforeseen geological, physical or meteorological conditions, natural disasters or cyclones; changes in the regulatory environment, industrial disputes, labor shortages, political and other factors; the inability to obtain additional financing, if required, on commercially suitable terms; and global and regional economic conditions. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/1-million-dubai-royal-asset-management-company-loan-paid-in-full-720630178.html
SOURCE Oro East Mining Inc.