HIRU Corporation (HIRU) Completes Sale of its eCommerce Subsidiary
Rhea-AI Summary
HIRU (OTC Pink: HIRU) has announced the sale of its eCommerce subsidiary, The Fixture Place, for $2,500,000 in a mix of cash and restricted shares. This strategic move aligns with HIRU's focus on its core mining business in Australia. The company's new management took control on July 31, 2024, and is awaiting SEC and OTC access codes to complete filings. HIRU's CEO has purchased approximately 1.2 billion shares of HIRU common stock.
The company plans to release full mining and cooperation agreements for its Australian mining project, which is valued at over $150 million USD. HIRU emphasizes that it is under new ownership and management, distinct from previous operators who may have failed to meet local community expectations. The company is committed to responsible corporate citizenship and will provide timely updates to shareholders.
Positive
- Sale of eCommerce subsidiary for $2,500,000
- Strategic focus on core mining business in Australia
- CEO's purchase of 1.2 billion shares of HIRU common stock
- Australian mining project valued at over $150 million USD
- Reduction in public float of common shares
Negative
- Pending SEC and OTC access codes delaying filings
- Sensitive local sentiment due to previous mine ownership issues
- Potential skepticism from critics and investors due to past unfulfilled promises by previous owners
News Market Reaction
On the day this news was published, HIRU declined 14.29%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - August 22, 2024) - HIRU Corporation (OTC Pink: HIRU) www.hirumining.com, is pleased to announce the sale of its eCommerce subsidiary, The Fixture Place. This strategic transaction aligns with HIRU's commitment to enhance shareholder value by focusing on its core mining business activities in Australia.
The sale of The Fixture Place consists of a good mix of cash and restricted shares in a
This sale is a part of HIRU's broader strategy to streamline our operations and focus on maximizing the value of our mining Project in Australia. We believe that the combination of this strategic divestiture and good amount of common share reduction in the public float, plus our ongoing mining initiatives, will unlock further upside potential for our stakeholders and shareholders.
In other Company news and events, Hirus' new management and new preferred shareholder took control of the company on or about July 31,2024. We have made an application to both SEC and OTC for access codes which take a couple of more days to process. In the meantime, we have posted HIRUs' CEO approximate 1.2 billion share purchase of HIRU common stock on our corporate website. (See direct link) https://hirumining.com/announcements/. The Company will be releasing full mining and cooperating agreements on the Australia mining project very shortly. This mine is a very lucrative project, a gem to be proud of with proven resources confirmed by several professional mine surveyor companies, and considered a "jewel in the crown" by local miners and Australian media. It is also a sensitive topic to locals in this Australia region. The ex-mine ownership is a heartbreak to many miners and the local community who lost their jobs when the mine was sold, and the new owners were unable or unwilling to fulfil the community enhancement promises. To that end, we are also very mindful of the HIRU Company critics, who prey on novice and unsuspecting investors and shareholders. To that end HIRU as a Company is taking extra measures and steps to insure the public and our followers that we are the NEW owners and not the owners who may have not fulfilled the Australian mining community enhancement expectations. HIRU eagerly awaits SEC and OTC codes to complete filings so that the valuations well in excess of
HIRU strives to maintain its presence as a responsible corporate citizen. We will continue to keep our shareholders updated on a timely basis, with additional news forthcoming shortly.
About HIRU Corporation:
HIRU Corporation (OTC Pink: HIRU) is a mining company focused on developing its copper and nickel mining project in north western Australia. The company is dedicated to responsible resource extraction and creating value for its shareholders through sustainable mining operations.
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
Phone: +1 954-228-1053
Email: corporate@otchiru.com
X: @HiruMining
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220790
FAQ
What is the value of HIRU's recent subsidiary sale?
When did new management take control of HIRU?
How many HIRU shares did the CEO purchase?
What is the estimated value of HIRU's Australian mining project?
Why is HIRU emphasizing its new ownership in relation to the Australian mining project?
