Essex Capital arranged a $1 million asset-based line of credit for Cornerstone Industrial Minerals, a Lakeview, OR-based industrial minerals company engaged in the mining, processing and marketing of perlite.

The new debt facility was funded by a private specialty finance firm. It will allow the company to fund working capital and continue to execute its high-growth expansion strategy.

Bruce Addington, president of Cornerstone commented, “We hired Essex Capital to lower our cost of funds and unlock additional liquidity from our assets. Bob and Rob were successful in accomplishing both objectives, literally cutting our cost of funds in half, and we’re now well positioned with ample liquidity to further execute our growth plan.”

Essex Capital acted as the company’s exclusive advisor in this transaction.