TSX Venture Exchange: MHI
Frankfurt Stock Exchange: WKN AODLHP
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, Oct. 1 /CNW/ - Mineral Hill Industries Ltd. (the "Company")
wishes to announce it will use its best efforts to sell by private placement
up to 2,000,000 Non Flow-Through Units at $0.11 per unit ("NFT-Unit"). Each
NFT-Unit will be comprised of one common share and one-half of one
transferable common share purchase warrant. Each whole warrant forming part of
an NFT-Unit is exercisable for one additional non flow-through common share
for a period of two years from the date of closing at $0.15 per share if
exercised within the first year following the closing or at $0.18 per share if
exercised within the second year following the closing.
The Company will apply the proceeds from the private placement to an
exploration project in northern British Columbia and for working capital to
fund ongoing operations and acquisitions.
The Company may pay a finder s fee in connection with the private
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Dieter Peter, Chairman & CEO, Telephone: (604)
685-4170; Pamela Keck, Investor Relations Co-ordinator, Telephone (direct):