Daily News: February 24, 2014

Capital Financial to Acquire Distressed Gold Rush Debt

Capital Financial Global announced today that it executed a letter of intent to purchase $5.6 million dollars of debt in Gold Rush Refiners, a distressed Georgia-based gold and precious metals refinery. The debt will be acquired in exchange for $2 million dollars’ worth of the company’s Series B Preferred Stock.

“The plan is to acquire the debt, re-age it, and structure a work-out that will allow the refinery to cash flow and get back on its feet,” said Paul Edward Norat, CEO of Capital Financial Global. “Once the refinery starts cash flowing again it will mean incoming cash-flow to us in the form of a performing loan. It’s a true win-win transaction.”

The names of the specific creditors were not released.

Atlanta-based Goldrush Refiners provides a full scope of refining services.