RRHI News Raptor Resources Holdings Inc. Majori
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RRHI News
Raptor Resources Holdings Inc. Majority-Owned Subsidiary, Mabwe Minerals Inc., acquires 49% of Mabwe Minerals Zimbabwe (Private) Limited
2012-08-16 08:00 ET - News Release
FREEHOLD, N.J., Aug. 16, 2012 /PRNewswire/ -- Raptor Resources Holdings Inc. (symbol: RRHI) (OTCQB-News), is pleased to announce today its majority-owned subsidiary, Mabwe Minerals Inc. (symbol: MBMI), has acquired 49% of Mabwe Minerals Zimbabwe (Private) Limited in exchange for 25,000 shares of Raptor Resources Series B convertible preferred stock that allow each holder of such shares to convert into both Raptor Resources and Mabwe Minerals shares of common stock following a one year holding period. This organizational structure meets the Zimbabwe Indigenous Law requiring 51% native ownership. Mabwe Minerals Inc. is Raptor Resources' majority-owned subsidiary, engaged in the mining and commercial sales of industrial minerals and metals, with first focus on barite.
As reported previously, Raptor Resources' wholly owned subsidiary, TAG Minerals Inc., owns 49% of TAG Minerals Zimbabwe (Private) Limited. As the parent company's mineral resource acquisition, exploration and development subsidiary, TAG Minerals acquired Dodge Mine and recently completed an extensive gravity mapping program confirming the presence of a large hydrothermal deposit of barite stretching a minimum of 1.5 kilometers across the original Dodge Mine property boundary. TAG Minerals recently transferred all of its mineral rights relating to Dodge Mine Blocks 1 to 6 to Mabwe Minerals, to begin the mining and commercial sales of barite, an industrial mineral utilized as a weighting agent by oil and gas drilling companies.
Al Pietrangelo, President & CEO of Raptor Resources Holdings stated, "All the pieces are now in place, including a partnership with PHI Commodities, a firm with rail transportation to the Port of Beira, and with Kinsey & Company, a mining company, to begin the mining and sales of barite through our subsidiary, Mabwe Minerals Inc., which we expect to commence during the fourth quarter. The company expects to announce its first barite production order this quarter, with delivery beginning 1st quarter, 2013."
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