CHLORIDE, AZ, May 10, 2013 /CNW/ - Hondo Minerals Corporation (OTCBB:
HMNC.OB) ("Hondo") today announces that Crowncorp Investments
Corporation, a Texas Corporation, ("Crowncorp") delivered a $10 Million
USD bank instrument to be redeemed in order to satisfy the obligations
of Crowncorp as required under the terms of the previously announced
binding Letter of Intent for the sale/purchase of 100% of Hondo's
assets and stock for approximately $88 Million dollars.
Both Hondo and Crowncorp intend to execute: (i) a definitive operating
agreement which shall transfer management and control of Hondo's assets
and operations to Crowncorp; and (ii) a tender offer pursuant to which
Crowncorp shall purchase all of Hondo's issued and outstanding stock in
accordance with all appropriate laws and regulations and commercially
acceptable practices and procedures.
About Hondo Minerals
Hondo Minerals Corporation is engaged in the acquisition of mines,
mining claims and mining real estate in the United States, Canada and
Mexico 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. 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
SOURCE: Hondo Minerals Corporation
For further information:
Hondo Minerals Corporation