| Vancouver, BC – April 4, 2016 | |
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Mineral Hill Industries Issues Bonus Shares to Lender
Richmond, BC, Canada - April 4, 2016
Mineral Hill Industries Ltd. (the 'Company' or 'Mineral Hill') wishes to announce that it has received TSX Venture Exchange (the 'TSX-V') approval to issue a bonus of 127,557 common shares in the capital of the Company (the 'Bonus Shares') to Merfin Management Limited ('Merfin') in consideration for providing $89,290 in additional cash advances to the Company. Merfin, a holding company of which Dieter Peter is President, provided the additional cash contributions of $89,290 to Mineral Hill and consented to the extension of the total loan of $786,186, which was approved by the disinterested directors on Dec. 10, 2015. The funds provided by Merfin were used for property payments, general working capital in order to meet its minimum administrative obligations and required fees to regulatory bodies. Merfin has been supporting Mineral Hill financially since September 2012, allowing the Company to meet its minimum administrative commitments and ongoing obligations to regulatory bodies, while it evaluates prospective opportunities and projects and performs its due diligence.
The funds provided by Merfin are considered to be a 'related party transaction' as defined under Multilateral Instrument 61-101 ('MI 61-101'). The Company will be relying on exemptions 5.5(g) and 5.7(e) of Multilateral Instrument 61-101 and will be exempt from the formal valuation and minority shareholder approval requirements. The Company's independent Directors, acting in good faith, have determined that a bonus in the amount of the issued shares is reasonable considering the circumstances of the Company and committed to the Bonus Shares conditional upon regulatory approval.
We seek Safe Harbor.
For further information, please visit www.mineralhill.com or contact:
Mineral Hill Industries Ltd.
Email: [email protected]
Telephone: (604) 278-1135
Facsimile: (604) 278-1139
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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Mineral Hill Industries Ltd.
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CODE : MHI.V |
ISIN : CA60283T2074 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Mineral Hill Industries is a gold exploration company based in Canada. Mineral Hill Industries holds various exploration projects in Canada. Its main exploration properties are LAC BARRY and MINERAL HILL in Canada. Mineral Hill Industries is listed in Canada and in United States of America. Its market capitalisation is CA$ 1.1 millions as of today (US$ 814 613, € 732 663). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 1.55, and its lowest recent point on November 27, 2009 at CA$ 0.01. Mineral Hill Industries has 11 060 000 shares outstanding. |