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To: HG who wrote (16553)	12/30/1998 5:28:00 PM
From: tonyt	Respond to of 27307

More competition: MiningCo Files for Public Offering Of as Much as $50 Million in Stock By an INTERACTIVE JOURNAL Staff Reporter NEW YORK -- MiningCo.com Inc. filed Wednesday to go public, proposing to offer up to $50 million in stock in an initial public offering. The company is the latest in a series of lesser-known, second-tier Web companies to try to raise money from the public: Theglobe.com Inc., Xoom Inc., Ticketmaster-CitySearch Online and all held successful IPOs. Marketwatch.com, which runs the CBS Marketwatch financial news site, also has an IPO pending. According to its filing, MiningCo is the fourth-largest provider of Internet news, information and entertainment, reaching approximately 4.2 million users in November through more than 600 GuideSites, which focus on specific topics. Underwriters for the IPO are Bear Stearns & Co. and Volpe Brown Whelan & Co. MiningCo has filed to have its common stock listed on the Nasdaq National Market under the symbol "MINE." MiningCo said it intends to use the net proceeds for working capital and other general corporate purposes, including advertising and brand promotion, and may also use a portion of the proceeds for strategic alliances and acquisitions. MiningCo said revenue for the nine months ended Sept. 30 was $1.6 million, up from $181,000 in the year-ago period. For the nine months, it had a loss of $9.1 million, compared with a loss of $6.9 million a year ago. As of Sept. 30, 1998, MiningCo said its accumulated deficit was $20.8 million.