TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z/WKN: AODLHP
Pink Sheets: MHIFF
RICHMOND, BC, April 4, 2016 /CNW/ - Mineral Hill Industries Ltd. (the "Company" or "Mineral Hill") wishes to announce that it has received TSX Venture Exchange (the "TSX-V") approval to issue a bonus of 127,557 common shares in the capital of the Company (the "Bonus Shares") to Merfin Management Limited ("Merfin") in consideration for providing $89,290 in additional cash advances to the Company. Merfin, a holding company of which Dieter Peter is President, provided the additional cash contributions of $89,290 to Mineral Hill and consented to the extension of the total loan of $786,186, which was approved by the disinterested directors on Dec. 10, 2015. The funds provided by Merfin were used for property payments, general working capital in order to meet its minimum administrative obligations and required fees to regulatory bodies. Merfin has been supporting Mineral Hill financially since September 2012, allowing the Company to meet its minimum administrative commitments and ongoing obligations to regulatory bodies, while it evaluates prospective opportunities and projects and performs its due diligence.
The funds provided by Merfin are considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Company will be relying on exemptions 5.5(g) and 5.7(e) of Multilateral Instrument 61-101 and will be exempt from the formal valuation and minority shareholder approval requirements. The Company's independent Directors, acting in good faith, have determined that a bonus in the amount of the issued shares is reasonable considering the circumstances of the Company and committed to the Bonus Shares conditional upon regulatory approval.
We seek Safe Harbor.
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: Mineral Hill Industries Ltd., Email: email@example.com, Telephone: (604) 278-1135, Facsimile: (604) 278-1139