MR3 Systems Secures $1.25 Million Credit Facility for Development of Metals Separation Plant.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Oct. 31, 2003 MR3 Systems, Inc., (NQB NQB National Quotation Bureau, Inc (now Pink Sheets) :MRMR MRMR Mining Rock Mass Rating MRMR Mobilization Reserve Materiel Requirement ) announced today that it has arranged a $1,250,000 credit facility which will allow the Company to further its ability to deploy the first in a series of plants to utilize its metals separation and purification technology ("Technology") for applications requiring the commercial separation of pure metals from complex metal streams. The Company received the first tranche of $250,000 in loan proceeds on October 14, 2003. The credit facility consists of a 14% Promissory Note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. in the principal amount of $1,250,000, due March 1, 2006, or an earlier date 24 months from the date the first plant is completed and operational. The Company is obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to submit requests for funds against the credit facility in connection with its financing needs related to plant development and construction. Attached to the Note are five-year warrants to purchase 2,000,000 shares of the Company's common stock at a price of $0.23 per share. The credit facility also has an equity conversion feature allowing the Lender, a private equity and financing group, to convert the loan into percentage ownership in the plant. Bradley N. Rotter, MR3's President and COO, remarked "this debt facility will enable MR3 to immediately commence the construction of plant infrastructure, the MR3 related equipment and manufacturing of the unique media we have developed for the extraction and recovery of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. . The Company has focused its research and development for the last two years on its media for the separation of gold and the platinum group The platinum group (alternatively, the platinum group metals or platinum metals) is a collective name sometimes used for six metallic elements clustered together in the periodic table. metals. The plants now being considered will demonstrate the results of these developments and will have the built in advantage of mobility in operation and function. The increasing price of precious and other metals is having a positive impact on the number of opportunities that are presenting themselves from the Mining Sector. We are evaluating numerous opportunities that would be ideal candidates for implementing the MR3 process and showcasing the Technology. MR3's unique hydrometallurgical hy·dro·met·al·lur·gy n. The treatment of metal or the separation of metal from ores and ore concentrates by liquid processes, such as leaching, extraction, and precipitation. refining process for separating and producing pure metals has many potential applications and we are pursuing several projects that involve both prospective and retrospective environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a of acid mine water that resulted from mining activity." About MR3: MR3 Systems, Inc., is a metals technology company. The Technology originated from research in microbiology on how microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. cells efficiently acquire their essential nutrient An essential nutrient is a nutrient required for normal body functioning that cannot be synthesized by the body and must be obtained from a dietary source. Some categories of essential nutrient include vitamins, dietary minerals, essential fatty acids, and essential amino acids. metals such as iron, calcium, copper, and zinc. MR3 Systems has synthesized these natural hydrometallurgical process plants and has applied the technology on a commercial scale. The Technology is deployed as a fully automated, modular metals reclamation system, which integrates specialized, proprietary media with a unique hydrometallurgical chemical process to selectively separate, extract, and purify individual targeted metals. The key aspect of the Technology is its unique affinity and selectivity for an individual target metal, even within multiple metal ion environments. MR3 Systems, Inc. is engaged in the industrial processing of hazardous wastes and other complex metals sources into purified metals and specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. products. MR3 Systems plans to license its Technology for use in mining, industry and environmental remediation. MR3 believes its Technology has a wide range of applications in numerous vertical markets. Certain statements contained in this press release are forward-looking statements within the meaning of federal securities laws. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These include changes in the prevailing prices of the metals and related chemical products that we produce in addition to the unforeseen difficulties and uncertainties in the businesses in which we operate. |
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