Today, Garnet USA (“GUSA”) signed definitive documentation to close an equity investment for an undisclosed amount (“Transaction”) by GMA Garnet Group. GMA Garnet Group, based in Perth, Australia is one of the world’s leaders in industrial garnet production and distribution. Garnet USA is an entity owned by Idaho State Gold Company, which is managed by ISR Capital based in Boise, Idaho.
Garnet USA announced earlier this week that its industrial garnet mine in Alder, MT has received a formal Record of Decision (“ROD”) signed by the DEQ director. ISR Capital Engineer Brian Jackson quotes “This permit for an open pit garnet mine from the Montana DEQ is the first of its kind in the state.”
ISR Capital CEO Sima Muroff quotes “GMA Garnet Group is an innovative leader in the Global abrasives industry. We are very excited to have them as our partner, as well as create sustainable long term jobs for the State of Montana and Madison County.”
Mr. Muroff added “ISR Capital will continue to confirm its commitment to this industry. We will invest, build, and permit significant mines in our region to create sustainable jobs and generate high value through robust returns and cash flow.”
GMA Group Deputy CEO & GMA USA President Rod Liebeck quoted “GMA is pleased to participate in a historic moment for the garnet industry with the development of this garnet mine in the State of Montana. GMA is committed to the USA as one of the largest developing garnet markets in the world.”
Mr. Liebeck added “GMA is appreciative of the support from the State of Montana in permitting a long term project with a mine life of over 40 years.”
Roth Capital Partners LLC acted as financial advisor for this Transaction.