FOR IMMEDIATE RELEASE THE SILVER RECYCLING COMPANY INC. TSX Venture Exchange Board Symbol: TSR
DATE: August 26, 2008 NEWS RELEASE VANCOUVER, BC NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
THE SILVER RECYCLING COMPANY ANNOUNCES FINANCING
VANCOUVER, B.C. - August 26, 2008 - The Silver Recycling Company Inc. (TSX VENTURE: TSR) ("Silver Recycling") is pleased to announce that it is undertaking a private placement of up to CAD$2 million of convertible debentures, of which CAD$1.5 million is committed pursuant to an agreement with a private Swiss based investment firm, Cyclecommunication GmbH, and its principal Mr. Erich Perroulaz. The key terms of the convertible debentures are:
Silver Recycling expects to close the first tranche of this financing in the next few days, subject to the receipt of the acceptance of the TSX Venture Exchange.
Don Holmstrom, President and CEO stated, "Securing this interim financing provides Silver Recycling with the necessary working capital to continue with its business plan, completing due diligence on our second acquisition and moving forward with our capital plans."
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About 'The Silver Recycling Company Inc.' Silver Recycling is a consolidator of privately-owned silver and other precious metals recycling companies and recently closed the acquisition of two companies in Pennsylvania as announced in the news release of May 28, 2008 and the execution of a letter of intent for a second acquisition on July 22, 2008. Silver Recycling is continuing to review other candidate companies within the precious metals recycling industry for acquisition and integration in alignment with the Company's business strategy. Information about Silver Recycling is available on their website www.silver-recycling.com.
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FOR FURTHER INFORMATION, PLEASE CONTACT:
The Silver Recycling Company Inc. Mr. Don Holmstrom CA President & CEO Tel: (604) 688-3011 x222 Email: dholmstrom@silver-recycling.com
Or:
G2 Consultants Mr. Grant Prenevost Tel: (604) 742-9990 Email: info@g2consultants.com
The Silver Recycling Company Inc. Mr. Sidney R. Stern Executive Director Tel: (604) 688-3011 x224 Email: sstern@silver-recycling.com
Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on the Company's current beliefs as well as assumptions made by and information currently available to it as well as other factors, including the availability of funds, the results of the evaluation of business operations, outcome or failure of negotiations with third parties, precious metal prices, and general market and industry conditions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by the Company in its public securities filings, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. THE SILVER RECYCLING COMPANY INC.
Silver Recycling est une société basée au Canada.