HMIT ,down 75% ,,news $2.15 pershare buyout
HMIT -- Hidalgo Mining International
Com (New)
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Hidalgo Mining (HMIT) Announces: Consolidated Mining and Mineral Group Submits Offer to Purchase HMIT for $2.15 Per Share
HMIT Board of Directors Convene to Discuss Offer Details
NEW YORK, May 30, 2007 (BUSINESS WIRE) -- Hidalgo Mining International (PINK SHEETS: HMIT), an innovative coal mining company headquartered in New York with coal properties located in Northern Mexico, announced today that it has received a formal offer from Consolidated Mining and Mineral (CMM), an international mining company, to purchase all the outstanding and issued stock of HMIT for a consolidated purchase price of $2.15 per share. The HMIT Board of Directors has entered negotiations with CMM to discuss the finalization of its offer.
In the event that the HMIT Board of Directors accept the described offer, CMM will immediately own the mining rights to the Northern Mexico Coal Property which encompasses nearly 300M tons of discovered and tested coal. At the time of writing coal is valued at $55.00 per ton. The offer submitted by CMM will provide tremendous cash purchasing ability as the offer is based on the total value of the existing mining rights which presently encompasses over 300 million tons of coal.
"Seeking out organizations like Hidalgo is exactly what we are in business to do. Its Northern Mexico property is currently sitting on over 300M tons of coal assets. We are in the business to acquire organizations that hold rights to or own large properties with minable minerals such as coal. With our expertise and wherewithal to immediately institute mining which will produce large amounts of coal production, we are able to re-capture our costs in an expedited time frame. We are excited about the possibility of acquiring Hidalgo and hope that our negotiations will result in a satisfactory conclusion for both companies," stated Mark Klok, CEO of Consolidated Mining and Minerals.
Learn more about Consolidated Mining and Minerals by visiting: www.consolidatedmining.com.
"HMIT has convened its board to discuss all the appropriate details of the CMM offer. Through our vast knowledge about the industry and that of our coal property, we feel that we can reach a conclusion in a timely matter. HMIT will release additional news updating our shareholders of the progress in this proposed acquisition," stated Jeff Bootes, CEO of Hidalgo Mining International.
ABOUT HIDALGO MINING INTERNATIONAL
Hidalgo Mining International (Pink Sheets: HMIT), an innovative coal mining company located in New York, NY, currently possesses over 50,000 acres of coal populated land located in Northern Mexico near the Texas border. Within an existing multi-billion dollar industry, HMIT strives to maintain corporate creditability while making aggressive moves to continue marketing its coal production on a global scale. HMIT management and directors hold an abundance of experience and knowledge in this rapidly growing industry that will ultimately result in the success of its ventures and longevity. Learn more about HMIT by visiting: (www.hidalgointernational.com).
Disclaimer:
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect Hidalgo Mining Internationals' future plans. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Hidalgo Mining International to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks detailed in Hidalgo Mining Internationals' periodic report filings with the Securities and Exchange Commission. Hidalgo Mining International undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Hidalgo Mining Internationals' expectations.
SOURCE: Hidalgo Mining International
CONTACT: Investor Relations for Hidalgo Mining International
Veronica D. Dunford, 310-729-1223
hidalgo@clientservicesint.com
Copyright Business Wire 2007
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KEYWORD: United States
Mexico
North America
Central America
New York
INDUSTRY KEYWORD: Energy
Coal
Other Energy
Manufacturing
Engineering
Natural Resources
Mining/Minerals
SUBJECT CODE: Contract/Agreement
Product/Service
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