Mindpix announces €150 million standby letter of credit for Gilman

By Aleesia Forni

Columbus, Ohio, Nov. 3 - Mindpix Corp. announced today that Gilman Metals Co., LLC has obtained a €150 million cash-backed standby letter of credit.

The facility was issued on Wednesday and matures one year and one month from that date.

The company also confirmed its readiness to receive and monetize the standby letter of credit.

"Without these existing banking relationships by way of Inter Global Investments LLC, it would have been extremely difficult and impossible to access liquidity in today's economic climate," chief executive officer of Mindpix Roxanna Weber said in a company press release.

"This newly shared leveraging of assets and bank credit facilities between multiple parties has proven to be a successful strategy by way of unconventional methods. We look forward to unparalleled success and advancements in our future transactions."

"Although we are a few days behind our initial schedule, we are pleased that this has come to fruition," Weber continued.

Earlier in the week, Mindpix announced that it had arranged for $500 million of funding from Gilman Metals.

Last week, Mindpix announced it would acquire 25% interest in Gilman Metals for 100 million shares of 144 common stock in Mindpix.

Gilman Metals is a Centennial, Colo.-based company, formed for the main purpose of managing, acquiring and refining concentrated metals to extract these metals through a process using new plasma arc technology.

Mindpix is a Draper, Utah-based holding company that invests in multi-media entertainment, communications, networks and new emerging technology companies.

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