Welcome!

News Feed Item

The O.T. Mining Corporation Announces a Recapitalization Including Closing of a $375,000 Investment in the Company

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...