The equity funding facility is designed to fund the initial phases of the Chiligatoro hydroelectric project in Honduras and future potential acquisitions.
Centurion has committed to purchase including but not limited to the requirement for an effective registration statement and limitations based upon the trading volume of Minerco’s common stock for cash consideration, up to an aggregate of $5m.
The equity funding facility is a financing instrument that places Minerco in control of how and when it raises equity.
Minerco will control the timing and amount of any future sales of shares to RCP and is under no obligation to sell any additional shares to RCP.
The company said that construction for the Chiligatoro project is expected to begin in 2011.
RCP is a fund management company focused on private equity investments in small-cap publicly traded securities.
