VANCOUVER, B.C. - February 22, 2010, : Red Hill Energy (TSX-V:RH)
(the "Company") announced today that pursuant to the
previously announced non-brokered private placement (as described in the
Company's news release dated February 19, 2010) G. Arnold Armstrong,
Chairman and Chief Executive Officer of the Company, has acquired
pursuant to the private placement 685,334 common shares
("Shares") and 342,667 share purchase warrants
("Warrants") of the Company indirectly through Kelvin Grove
Estates, a company controlled by Mr. Armstrong, which securities represent
in the aggregate approximately 1.70% of the Company's current issued and
outstanding Common Shares calculated on a partially diluted basis
assuming the e xercise of the Warrants
only. Mr. Armstrong acquired the securities pursuant to the private
placement. Prior to this transaction, Mr. Armstrong owned or controlled
an aggregate of 6,178,154 common shares of the Company, 447,847 warrants
to purchase common shares of the Company and 555,000 options to purchase
common shares of the Company.
Upon the receipt of the Shares and Warrants, Mr. Armstrong owns or
controls an aggregate of 550,000 options to purchase common shares,
6,863,488 common shares and 790,514 share purchase warrants,
representing, in aggregate, prior to the exercise of any convertible
securities held by Mr. Armstrong, approximately 11.35% of the issued and
outstanding common shares of the Company, and on a partially diluted
basis after the exercise of the warrants and other convertible securities
held by Mr. Armstrong only, approximately 13.36% of the capital of the
Company.
ABOUT RED
HILL ENERGY INC.
Red Hill Energy Inc. is a junior resource company trading on the
TSX-Venture Exchange under the trading symbol RH. The Company is
advancing over one billion tonnes of 100% owned coal from two Mongolian
coal basins towards production. Red Hill has a full-time office in
Mongolia's capital, Ulaanbaatar.
Red Hill Energy Inc.
G. Arnold Armstrong - Chairman and CEO
For further information:
Telephone 604.642.COAL (2625)
Email: info@redhillenergy.com
www.redhillenergy.com
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.
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