SRGE News .0135 Southridge Minerals Corporate U

DALLAS, Dec. 10, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company") is pleased to announce today that Southridge Minerals, Inc., its wholly owned subsidiary, wanted to clarify several corporate items. Firstly and with respect to the recent announcement involving Magna Group Capital Management, LLC., the Company has been engaged with Magna regarding their services to facilitate our up-listing process to the OTCBB and has received a term sheet from Magna. The Company is obligated to supply Magna with a number of due diligence items in order to satiate Magna's requirements to proceed with the up-listing process.

Currently, every effort is being made by management to supply Magna with the necessary information. However, this information flow has been temporarily delayed due to the Company's recent and unexpected requirement to upgrade its legal representation which has created an urgent need to focus on the completion of the Company's annual report filing that was initiated over a month ago.

Secondly, the Company has now increased its authorized capital to 1.5 billion shares, while the total shares issued and outstanding remains the same. Based on many recent discussions, advisements and opportunities, management believed it was imperative for the Company to have additional capital issuance capacity to allow for and facilitate future joint ventures, asset sales and/or acquisitions in order to maximize the Company's strategic positioning.

Southridge Minerals currently holds a portfolio of mineral properties located in several world-class mining regions of Mexico. The properties include the past producing and flagship property Cinco Minas, along with the Gran Cabrera, Los Compadres, La Esperanza, La Canita and El Horconcito.