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, Feb. 1 /CNW/ - Mineral Hill Industries Ltd. (the "Company" or "MHI") wishes to announce that further to its news release on January 22, 2010, it will use its best efforts to sell by private placement of up to two million flow through units ("FT Units) at $0.05 per unit ("Unit") and two million non flow through units ("NFT Units") for total proceeds of up to $200,000. Each FT Unit will comprise one flow through common share and one transferable common share purchase warrant. Each NFT Unit will comprise one non flow through common share and one transferable common share purchase warrant. Each transferable common share purchase warrant is exercisable for one additional non flow through common share at $0.10 per share for aperiod of five years from the date of closing.
The terms of the private placement originally announced in the news release on January 22, 2010 are now superceded by this announcement.
The Company will apply the proceeds from the private placement towards its existing projects, exploration, due diligence for new acquisitions and working capital to fund ongoing operations.
Certain directors and officers of the Company may acquire units under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization.
This private placement is subject to regulatory approval.
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: For further information: Dieter Peter, Chief Executive Officer, Telephone: (604) 685-4170; John Punzo, President, Telephone: (604) 685-4170