new version available

Newsletter Sign Up

Please enter your email to receive FREE venture capital and private equity special offers, news, and information!

Your Name: 

Your Email:  

bookmark us

05/28/2007

Hidalgo Mining Secures $10 Million in Venture Capital Funding

 

Hidalgo Mining International (HMIT), an innovative coal mining company headquartered in New York with coal properties located in Northern Mexico, announced recently 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 $10 Millin 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 $13.5-31.2 Million 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 $2 Million followed by subsequent installments of $4 Million. 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.

Hidalgo Mining International, 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.

For more information, please visit www.hidalgointernational.com