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Message: Announces Secured Debenture Financing
| February 5, 2009 |
| BrazAlta Resources Announces Secured Debenture Financing |
| CALGARY, ALBERTA--(Marketwire - Feb. 5, 2009) - BrazAlta Resources Corp. ("BrazAlta" or the "Corporation") (TSX VENTURE:BRX) is pleased to announce that it has secured a financing (the "Financing") of a secured debenture ("Secured Debenture") in the amount of $500,000. The Secured Debenture will bear an interest rate of 15% per annum and are secured by a security interest in a remaining drilling rig owned by BrazAlta after the sale of its BCH Ltd subsidiary on December 31, 2008. The Corporation is currently seeking to dispose of this drilling rig. The Secured Debenture is payable by BrazAlta at the earlier of (i) 180 days or (ii) the day proceeds from the sale of the rig is received by the Corporation. The Corporation will use proceeds from the Secured Debenture for continuing working capital purposes and may enter into additional secured debentures on substantially similar terms as the Secured Debenture for up to an additional aggregate amount of $1,000,000. As part of the Financing, the Corporation will pay a 7% cash commission to an individual who is an arm's-length party to the Corporation for his part in introducing lenders to the Corporation. Completion of the Financing will be subject to acceptance by the appropriate regulatory authorities. BrazAlta is a Canadian based international oil and gas corporation with operations in Colombia, Brazil, Guyana, Northern Ireland and Canada. BrazAlta is publicly traded on TSX Venture Exchange (TSX VENTURE:BRX). The Corporation's public filings may be found at www.sedar.com. |
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