TSX Venture Exchange: MHI
Frankfurt Xetra: N8Z1/WKN: AODLHP
OTC Market (US): MHIFF
RICHMOND, BC, Aug. 18, 2016 /CNW/ - Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") wishes to announce that, in reference to its May 5, 2016 News Release, it has filed with the TSX Venture Exchange ("TSXV") the documentation requested by the TSXV's "Conditional Acceptance" in respect to the Company's "Fundamental Acquisition" submission. As all of the additional required documents in respect to the "Fundamental Acquisition" were related to residents of the United Kingdom, the results of the recent referendum of the United Kingdom to withdraw from the European Union ("Brexit") caused some delays not only in receiving certain requested statements and documents regarding the share exchange pertaining to the "Fundamental Acquisition", but also in closing the proposed Private Placement as the substantial amount of the proposed funds was, and still is, committed to by European institutions and investors.
Nevertheless, during the past few weeks Mineral Hill was able to secure the first right of refusal for an additional eight percent (8%) of the outstanding shares of CPS Energy Resources Plc ("CPS") from certain shareholders of CPS.
Mineral Hill's management is very confident that the Company will be able to close the private placement shortly based on the unit-price announced on May 25, 2016 and raise the working capital required by the Exchange in order to receive final approval for the transaction.
Upon completion of the share exchange with certain CPS shareholders, and thus the acquisition of a 45% interest in CPS, the Company will proceed with its name change to MHI Mass-Energy Corp.
The Company seeks 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: Dieter Peter, President & CEO, Phone: (604) 278-1135