|By Marketwired .||
|February 28, 2014 01:50 PM EST||
BASIN, MT -- (Marketwired) -- 02/28/14 -- The O.T. Mining Corporation (OTC Pink: OTMN) ("OTMN" or the "Company") is pleased to announce it has closed on a recapitalization of OTMN's balance sheet which also includes an initial investment of $375,000 of fresh capital into the Company. As part of the recapitalization, the Company converted a substantial amount of corporate indebtedness into common shares of OTMN which effectively eliminated most of the outstanding debt of the Company. Another important aspect of the recapitalization plan was the conversion of nearly the entire debt owed to executives of the Company. The investor group, consisting of several accredited individual investors (the "Investors"), has received 4,687,500 common shares of OTMN priced at $0.08 per share, 10,000,000 options to purchase additional shares of OTMN priced at $0.10 per share, and 4,687,500 warrants to purchase shares of OTMN at a price of $0.16 per share. If all options and warrants in this initial $375,000 investment are exercised, this will infuse $1,750,000 of additional capital into OTMN. Under the terms of the investment, the Investors may invest up to an additional $375,000 on the same terms, for a total of $750,000.
Rosemary L. Christensen, OTMN's President and Chief Executive Officer, commented on the recapitalization. "This transaction was critical for the future of our Company and its shareholders," says Christensen. "OTMN has suffered along with the entire metals exploration sector the past several years, and was unable to investigate and maximize the value of the Company's assets for the shareholders. In a single transaction, we have accomplished several important financial and strategic objectives: (1) eliminated almost all outstanding indebtedness of the Company; (2) injected sufficient working capital into the Company to sustain future corporate operations for 18 months or more; (3) began discussions with a leading mining engineering consultant who will assist and advise OTMN in investigating mineral development activities; and (4) engaged an investment banking advisor / broker-dealer, IIP Securities LLP, who will advise the Company in seeking strategic and financial alternatives, including but not limited to additional financings, potential development joint ventures with larger mining companies, and monetization of select Company assets."
Christensen commented further on OTMN's immediate plans. "With this financial cushion, OTMN Management and the Board of Directors will now work closely with our mining advisor and investment banker to develop a strategic and financial plan for the Company designed to discover, measure and indicate the copper-gold-silver-molybdenum mineral resource within OTMN's rights to the Ruby Property and surrounding property."
About The O.T. Mining Corporation -- OTMN holds the rights, including acres of fee simple land, 13 patented mining claims and 291 unpatented mining claims, to the famed and previously producing Ruby Property and nearby Basin Mill in Jefferson County, southwestern Montana. The property contains three high priority exploration targets. Exploration work completed to date by OTMN includes airborne and ground geophysics, Mobile Metal Ion geochemistry, limited drilling, geologic mapping and surface sampling. OTMN's North Area porphyry system is in the same geologic structure as, and is geochemically and geophysically similar to, the porphyry system at Butte, Montana, which is the fourth largest porphyry system in the world and was once known as "The Richest Hill on Earth." The Company's mineral property and assets have been described in a report prepared in conformity with Canadian National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects.
Disclaimer: This press release contains certain "Forward-Looking Statements." All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
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