Toronto, Ontario--(Newsfile Corp. - September 12, 2024) - Hiru Corporation (OTC Pink: HIRU) $HIRU www.otchiru.com, www.hirumining.com the Company is thrilled to share following updates. Hiru Corporation (OTC Pink: HIRU) has exclusive rights to explore, develop, and exploit mineral resources in the concession area. The exploration phase is expected to be completed within five years, followed by the commencement of exploitation activities within six months thereafter.
As part of its newly signed agreement with Zebs Minerals Pty Limited and D & B Mining Pty Limited, HIRU will take full responsibility for funding and managing exploration and mining operations at the Balfour Project in Western Tasmania.
As outlined in the agreement, Hiru Corporation (OTC Pink: HIRU) will make royalty payments of 2.5% of the mine annual profits to Zebs Minerals or D & B Mining, ensuring that all stakeholders benefit from the project's success. In addition, Hiru will cover all tax obligations related to the project, except for corporate income tax, which will remain under the responsibility of Zebs Minerals. HIRU just completed a very complex financial arrangement best described as a off the market traditional PIPE type financial arrangement with a credit derivative swap. A Traditional PIPE is one in which common or preferred stock is issued at a set price to the investor and a credit derivative swap. The price of a credit derivative is driven by the perceived creditworthiness of the party or parties involved.
(Reference: https://www.investopedia.com/terms/c/creditderivative.asp and https://www.investopedia.com/terms/p/pipe.asp#:~:text=%EE%80%80Private%20investment%20in%20public%20equity%EE%80%81%20(PIPE).
To that end, the Company is well-capitalized and does not anticipate disturbing its common share structure to reach this targeted goal.
"The management agreement is a testament to Hiru Corporation's (OTC Pink: HIRU) commitment to developing the Balfour Project in a financially sustainable and efficient manner," said Sheikh Khalid Nasser Al Thani, Chairman, of Hiru Corporation (OTC Pink: HIRU). "By fully funding the exploration and mining activities, we are ensuring the smooth and successful progress of this project."
Additional updates will follow shortly.
About Hiru Corporation:
Hiru Corporation (OTC Pink: HIRU) is a mining company headquartered in Toronto, Canada, with a focus on copper and other essential metals. The company's flagship operation, the Balfour Project, is located in north-western Tasmania, Australia. Hiru is committed to ethical mining practices and is actively exploring new opportunities in resource-rich regions across the globe.
Disclaimer Regarding Forward-Looking Statements
Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions. In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements.
Contact:
Corporate Communications
Irina Veselinovic (Secretary)
Website: www.otchiru.com & www.hirumining.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223138
SOURCE: Hiru Corporation
