Mr. Dieter Peter reports
MINERAL HILL INDUSTRIES LTD. - CLOSING OF NON-BROKERED PRIVATE PLACEMENT
Further to its news release dated Jan. 20, 2012, Mineral Hill Industries Ltd. has now completed a non-brokered
private placement of $466,000 with a subscription of 2,912,500 units of the company at a price of 16 cents per unit. Each unit
will comprise one common share and one transferable common share
purchase warrant. Each transferable common share purchase warrant is
exercisable for one additional common share at 22 cents if
exercised during the first year from the date of issue and at 35 cents if exercised during the second year from the date of issue.
There is no finder's fee payable in connection with this private
placement. The closing of this private placement is subject to the
final acceptance of the TSX Venture Exchange. The company will apply
the proceeds from the private placement toward its program for the
Liberty Hill gold mine project and working capital to finance continuing
operations.
Ascot Mining PLC subscribed for 2,812,500 units at 16 cents per
unit, representing 96.6 per cent of the private placement. As a consequence of
this subscription, Ascot will be holding 29.7 per cent of the issued and
outstanding share capital and, in accordance with exchange policy, will
be considered as an additional control person of the company. The
company has received written consent of the shareholders holding in
total more than 50 per cent of the company's issued listed shares for
approval of this private placement and the acceptance of Ascot as an
additional control person.
Ascot is a junior mining and exploration company which currently
operates in Costa Rica and is aggressively pursuing advanced-stage
opportunities beyond Costa Rica. Ascot has expressed its intention to
acquire up to 65 per cent of Mineral Hill's total issued and outstanding shares either
from Mineral Hill's major shareholders through a private purchase transaction
and/or through the open market.
All of the shares, warrants and any shares issued upon exercise of the
warrants comprising the units are subject to a hold period and may not
be traded in British Columbia for four months and a day from the date
of issuance except as permitted by the applicable securities acts and
the rules made thereunder, and the TSX Venture Exchange.
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