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
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 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.
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.