Toronto, Ontario--(Newsfile Corp. - November 15, 2024) - Hiru Corporation (OTC Pink: HIRU), a diversified mining and holding company, has released its Q3 2024 financial results alongside updates on significant corporate initiatives that align with its growth strategy.
Outstanding Shares and Private Placement
As of September 30, 2024, Hiru Corporation's outstanding shares reached 3.888 billion, reflecting an increase of approximately 1.2 billion shares attributed directly to new Chairman and CEO Sheikh Khalid Nasser A.S. Al-Thani, who took command of the company and merged his own Balfour Project in Australia into the Company and settled previous Hiru's debts and liabilities with self funding financing, this is reflected by the increase of equity from his personal private placement into the company.
Hiru Corporation is Almost Debt free under the new management of Sheikh Khalid Nasser A.S. Al-Thani and the board members who achieved this I just about 3 months since their appointment.
Asset Expansion and Integration
Since the change in control in August 2024, partial asset integration has been reflected in the Q3 financial results. Additional assets mining properties also in Australia and valued at $130 million, are expected to be fully consolidated by Q4 2024 as ongoing processes conclude.
Merger Exploration
The company is negotiating major stake control and/or takeover opportunities with foreign entities holding significant lithium, cobalt, and gold mining assets. One of The proposed transactions, with an anticipated $20 million initial investment, could close within 90 to 120 days, contingent on recapitalization efforts.
Debt Management and Asset Realignment
Hiru Corporation has sold a $1.4 million note, previously held by Bayern Industries LLC, to Libyan International Assets Holding Limited, a UK-based firm. Smaller debts accrued following the transition of the water business have also been settled in cash, strengthening the company's financial position.
Core Operations and Key Investors
Hiru Corporation's primary focus remains on its mining operations at the Balfour Project in Tasmania. Its investor base includes members of Qatar's royal family and a prominent Tasmanian landowner.
Litigation and Cyber security Measures
The company is pursuing legal action against an Arizona credit union linked to its former water business operations. Additionally, it is working with Qatari and U.S. authorities to address online threats targeting the company and its leadership. This smear campaign has contributed to increase stock price volatility and trading activity.
Financial Performance
Hiru Corporation reported a remarkable revenue increase from less than $1 million in 2023 to over $11 million in 2024.
Operating profits rose significantly to $2.76 million, compared to $112,670 during the same period last year.
The Revenues of the newly merged mining assets will be reflected in the next Q4.
About Hiru Corporation
Headquartered in Toronto's financial district, Hiru Corporation is a holding company focused on mining exploration, particularly at the Balfour mine project in Australia. Its board and control block holders are based in Qatar and Australia, including a Qatari royal family member and a 7th-generation Tasmanian landowner.
Forward-Looking Statements
This release may contain forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements, often identified by terms such as "expects," "anticipates," or "intends," involve inherent risks and uncertainties. While the company believes the assumptions underlying these statements are reasonable, actual results could differ materially. Investors should exercise caution when relying on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230145
