RICHMOND, BC, Dec. 14, 2017 /CNW/ - Further to the Company's news release dated December 7, 2017 Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") wishes to announce that it has terminated the Share Purchase Agreement ("SPA") which it executed with twelve (12) shareholders of the UK based CPS Energy Resources Plc ("CPS"), representing 45% of the outstanding shares of CPS ("Shr-Vendors"), due to non-compliance with the terms of the SPA.
After extensive consideration and granting several extensions in respect to the compliance of the Shr-Vendors' obligations under the terms of the SPA, the Company's Board of Directors ("BoD") passed a resolution to terminate the SPA, effective December 13, 2017 ("Termination"), due to non-fulfillment of an essential part of the SPA.
The Company also requested that the representatives of the Shr-Vendors ("Representatives") forward the Termination to the Shr-Vendors, including the two shareholders of CPS who agreed to vend-in their additional 8% of CPS ("8%-Vendors") shares, as referred to in the Company's News Release dated August 9, 2017, as the Representatives denied Mineral Hill's Directors' continued requests to talk directly to the 8%-Vendors in order to facilitate the Company's attempt to confirm certain material facts within the SPA and related to the "Announcement" from CPS dated August 15, 2017.
Mineral Hill is now actively pursuing its promising Oil and Gas projects within the USA and will update its shareholders on its progress very shortly.
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