10:37:29 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Mineral Hill Industries Ltd (2)
Symbol MHI
Shares Issued 6,558,287
Close 2012-01-27 C$ 0.165
Market Cap C$ 1,082,117
Recent Sedar Documents

Mineral Hill completes $466,000 private placement

2012-01-30 19:41 ET - News Release

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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