CHLORIDE, AZ, Dec. 11, 2012 /PRNewswire/ - Hondo Minerals Corporation (OTCBB: HMNC) today announces that on Monday, December 11, 2012, Hondo Minerals received a second unsolicited offer from a private investment group to purchase all of the Companies common stock and assets. The offer as presented was for $75 million in cash. The letter of intent is subject to due diligence by both parties.
The Companies Board of Directors has authorized Hondo's CEO, and CFO, to oversee due diligence, terms, and the preparation of the Definitive Agreements that will govern the proposed transaction. Both parties will use all reasonable efforts to complete the foregoing within the next 60 days.
Bill Miertschin, CEO of Hondo Minerals says, "Hondo is excited that it has received a second unsolicited offer which we are announcing in accordance with regulatory rules. We look forward to beginning the due diligence process and communicating with our shareholders as news develops."
About Hondo Minerals
Hondo Minerals Corporation is engaged in the acquisition of mines, mining claims and mining real estate in the United States with mineral reserves of precious metals or non-ferrous metals. Hondo owns the Tennessee and Schuylkill Mines in Chloride, Arizona. The Tennessee Mine operated from the late 1800s until 1947 producing lead, zinc, gold and silver. The Company also owns numerous other mining claims in the U.S. Southwest.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. The company will file a 14d with the SEC. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public.
SOURCE Hondo Minerals Corporation