NEW YORK – Coal mining company, Hidalgo Mining International (HMIT), announced Thursday that it has received a formal offer from Consolidated Mining and Mineral (CMM), 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.
If the HMIT Board of Directors accepts the described offer, CMM will immediately own the mining rights to the Northern Mexico Coal Property, which currently encompasses over 300 million tons of coal.