TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
The securities being offered have not been, nor will be, registered
under the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United States or to U.S. persons without
registration or applicable exemption from the registration requirement
of such Act. This release does not constitute an offer for sale of
such securities in the United States of America.
VANCOUVER, Jan. 30, 2012 /CNW/ - Mineral Hill Industries Ltd. (the
"Company" or "MHI") wishes to announce that further to its news release
dated January 20, 2012, the Company has now completed a non-brokered
private placement of $466,000 with a subscription of 2,912,500 units
(the "Units") of the Company at a price of $0.16 per Unit. Each Unit
will comprise one common share and one transferable common share
purchase warrant. Each transferable common share purchase warrant is
exercisable for one additional common share at $0.22 per share if
exercised during the first year from the date of issue and $0.35 per
share, if exercised during the second year from the date of issue.
There is no finder's fee payable in connection with this private
placement. The closing of this private placement is subject to the
final acceptance from the TSX Venture Exchange. The Company will apply
the proceeds from the private placement towards its program for the
Liberty Hill Gold Mine project and working capital to fund ongoing
Ascot Mining Plc. ("Ascot") subscribed to 2,812,500 units at $0.16 per
Unit representing 96.6% of the private placement. As a consequence of
this subscription, Ascot will be holding 29.7% of the issued and
outstanding share capital and, in accordance with Exchange Policy, will
be considered as an additional control person of the Company. The
Company has received written consent of the shareholders holding in
aggregate more than 50% of the Company's issued Listed Shares for
approval of this private placement and the acceptance of Ascot as an
additional control person.
Ascot is a junior mining and exploration company which currently
operates in Costa Rica and is aggressively pursuing advanced stage
opportunities beyond Costa Rica. Ascot has expressed its intention to
acquire up to 65% of MHI's total issued and outstanding shares either
from MHI's "Major Shareholders" via a private purchase transaction
and/or through the "Open Market".
All of the shares, warrants and any shares issued upon exercise of the
warrants comprising the units are subject to a hold period and may not
be traded in British Columbia for four months and a day from the date
of issuance except as permitted by the applicable Securities Acts and
the Rules made thereunder and the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mineral Hill Industries Ltd.
For further information:
please visit www.mineralhill.com or contact:
| Dieter Peter |
President & CEO
Telephone: (604) 685-4170