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Essex Arranges $1MM Asset-Based Line of Credit to Cornerstone

January 29, 2016, 07:07 AM
Filed Under: Mining

Essex Capital Group recently arranged a $1 million line of credit for Cornerstone Industrial Minerals Corporation, a Lakeview, Oregon 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, and 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.

Essex Capital Group, Inc. is a Tampa, Florida-based corporate finance firm serving small- and middle- market privately-held companies located throughout the United States. With extensive capital markets experience, Essex provides creative solutions to businesses in need of financial restructuring. Typical advisory services include balance sheet recapitalizations with senior and subordinated debt. Since inception in 2003, Essex has successfully raised in excess of $500 million for its corporate finance clients.

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