There is no reverse split... There is share buyback! There are discussions to acquire all the shares for over $2 per share.
Hidalgo Mining (HMIT) Announces: Consolidated Mining and Mineral Group Submits Offer to Purchase HMIT for $2.15 Per Share
Wednesday May 30, 4:43 pm ET
HMIT Board of Directors Convene to Discuss Offer Details
NEW YORK--(BUSINESS WIRE)--Hidalgo Mining International (PINK SHEETS: HMIT - News), 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.
Hidalgo Mining (HMIT) Cancels 106M Shares of Insider Stock Commencing Stock Buyback Program
Thursday June 7, 10:15 am ET
NEW YORK--(BUSINESS WIRE)--Hidalgo Mining International (PINK SHEETS: HMIT - News), an innovative coal mining company headquartered in New York with coal properties located in Northern Mexico, announced today that the Board of Directors of the Company have initiated steps to begin a buyback program of the outstanding common stock of the corporation. Jefferson Bootes, Chairman of the Board, stated "This buyback program is expected to strengthen the financial resources of the Company to carry out its asset acquisition programs currently underway. My full participation in this buyback program is inspired by my confidence in the success of these acquisition programs. The current shareholders will be contacted with details to participate in this opportunity."
Directors and officers of record have already cancelled 106M shares of common stock they held in exchange for voting participating preferred shares of the Corporation. Other insider shareholders are anticipated to follow suit with additional exchanges resulting in a significant reduction of the common shares outstanding. The cancellation of stock does not apply to the shareholders that have purchased HMIT securities in the open market. This cancellation applies only to the insiders, officers, and directors of the HMIT organization.
In the past there was a R/S of the previous shell to make it attractive to merge HMIT assets into.
And if the buyout falls through, they are all set to begin operations themselves... Financing is in place.
Hidalgo Mining (HMIT) Instantaneously Catapults Into Production Phase as Agreements Are Finalized to Obtain $10M in Capital Funding. Propulsion Into Coal Mining Phase Generates Nearly $31.2M in Immediate Revenues
Thursday May 24, 6:00 am ET
NEW YORK--(BUSINESS WIRE)--Hidalgo Mining International (PINK SHEETS: HMIT - News), an innovative coal mining company headquartered in New York with coal properties located in Northern Mexico, announced today that it will begin Phase-One of mining on its 50,000 acre coal plot as a direct result of finalizing an agreement with McKim & Company, an investment banking organization, to obtain $10M in capital funding.
Initial output estimates generated from Phase One mining are intended to range from 20-50K tons on a monthly basis, resulting in 250-600K annual tons of revenue-generating coal production. The existing market rate for one ton of Bituminous coal is holding at $55.00 (fifty-five-dollars). With the estimated rate of mining, HMIT will produce annual revenues between $13.5-31.2M from its Phase-One output.
Pursuant to the terms of the agreement with McKim & Company to obtain funding, HMIT will receive an initial capital injection of $2M followed by subsequent installments of $4M. Initial funding will be implemented to immediately activate the aforementioned mining. The financing will be received from both institutional and strategic investors.
HMIT will subcontract an industry leader in the mining and extraction of high-grade coal to begin the Phase-One mining. Upon the receipt of the remaining capital infusion from McKim & Company, HMIT will obtain the necessary equipment to end its need for sub-contracting and begin the mining process within its own organization, hence reducing project costs and increasing bottom line figures.
"We are excited to finally "break-ground" on a project that has consumed many hours of development and research. The HMIT team considers this to be a monumental milestone within the overall project scope of the organization. We are further pleased to have the investment and support of a respectable investment banking organization like McKim & Company and intend to provide notable results that will ensure the future of our company and its shareholders," stated Jeff Bootes, CEO of Hidalgo Mining International.
Amazing how much false info is spread on these boards...
GLTA
