FREEHOLD, N.J., April 24, 2013 /PRNewswire/ -- Mabwe Minerals Inc. (symbol: MBMI) (OTCQB-News), is pleased to announce it has completed restructuring with the final transition from RPTN to MBMI as addressed in the company's recent SEC 10K filing. Mabwe Minerals management has worked diligently to lower the company's financial liabilities, increase shareholder value and present a clean balance sheet to the investment community as the company begins transitioning from a development phase company to a mining & minerals production company.
Increased Total Assets 476% Decreased Total Liabilities 99% All prior RPTN conversion option liabilities retired ($11,789,870) All prior RPTN senior convertible notes payable retired ($11,012,854) All salaries reduced from "$353,198" to "$0" Outstanding common shares @ 135,585,750 with ~8M shares in the float Acquired a 25% equity position in WGB Kinsey & Company Acquired 100% of Dodge Mine Secured the company's 1st $9,000,000 barite purchase order Secured a total net deferred tax asset of $27,738,000
Mabwe Minerals is entering the early stages of bringing a new high quality source of barite into commercial production. Barite is used as a weighting agent in the oil & gas drilling sector to offset formation pressures during the drilling process. Other barite applications include paint, automotive and medical.
The company has entered into a Master Supplier Agreement representing 3,000,000 tons of crude barite at a rate of 220,000 tons/year to support the oil & gas drilling needs of the Gulf of Mexico, home to the largest concentration of active deep water drilling rigs. Dodge Mine barite production will be managed by Mabwe Minerals' minority owned WGB Kinsey & Company, one of Zimbabwe's most experienced mining and construction companies representing 4 generations of Kinsey family leadership.
We would like to encourage new or potential investors to review our corporate web site on a regular basis with further attention to our Corporate Briefings section. We have two Newsletters, Raptor News and Raptor Talk, that are directed to our shareholders keeping our investors updated with real time information during periods in-between press releases or SEC filings. We are continuing to expand our investor communication tools to include Facebook and Twitter in the coming months along with the pending release of our mobile web site tailored to the growing mobile media market.
Al Pietrangelo, MBMI CEO & President stated, "As we begin the journey together moving from a development phase company into commercial barite production, we are honored to present a clean bill of health on your company, Mabwe Minerals Inc. Our team takes no salary. Like you, we are investing into the success of our company no different than our investors. As we enter this transitionary period, we are please to report the company has reduced Total Liabilities by 99%, retired both Conversion Option Liabilities and Senior Convertible Notes totaling $22.8M and secured a total net deferred tax asset of $27.7M."
Raptor Resources Holdings Inc. (parent/holding Company)
Raptor Resources Holdings Inc. (OTCQB symbol: RRHI) is the parent/holding company with two independently operating subsidiaries: Mabwe Minerals Inc. and TAG Minerals Inc. To find out more about Raptor Resources Holdings visit (www.raptorresourcesholdings.com).
About Mabwe Minerals Inc.
Mabwe Minerals Inc. (symbol: MBMI), incorporated in Wyoming, is a U.S. based natural resources and hard asset OTCQB publicly traded, fully reporting company engaged in the mining, logistics and commercial sales of industrial minerals and metals, with its first focus on barite. The company's operations are conducted through its Zimbabwe affiliate, Mabwe Corporation (Private) Limited. Raptor Resources Holdings owns 90 million shares of Mabwe Minerals or approximately 66.4% of its issued and outstanding shares of common stock.
About TAG Minerals Inc.
TAG Minerals Inc., incorporated in Wyoming, is a U.S. based mineral/metal resource acquisition, exploration and development company. The company, with operations conducted through its Zimbabwe affiliate, TAG Minerals Zimbabwe (Private) Limited, is responsible for alluvial surface gold production along with the development of greenfield assets targeting bedrock gold and other industrial metals/minerals. To find out more about the mining equipment utilized by TAG, visit (www.extrac-tec.com).
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" ("FLS") within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. FLS include statements predictive in nature, depending upon or referring to future events/ conditions, including words like "believes," "anticipates," "intends," "plans," "expects," and similar expressions. Statements concerning future financial performance (revenues, earnings, and growth rates), ongoing business strategies / prospects, and future actions, which may be provided by management, are also FLS as defined by the Act. The actual and any future results, performance or achievements of the Company, expressed or implied, may be materially different and vary significantly for different reporting periods due to FLS that involve known and unknown risks and other factors. Management believes that the assumptions made and expectations reflected in the FLS are reasonable. There is no assurance that the underlying assumptions will prove to be correct and the actual future results may be different from expectations expressed above. These statements are not guarantees of future performance. Raptor Resources Holdings Inc. and Mabwe Minerals Inc. have no specific intention to update these statements.
SOURCE Raptor Resources Holdings Inc. (RRHI); Mabwe Minerals Inc. (MBMI)