Toronto: TSX-V: MHI
Frankfurt: MLN/WKN: A1JKJN
OTC Market (US): MHIFF
VANCOUVER, BC, May 14, 2021 /CNW/ - Mineral Hill Industries
Ltd. (the "Company" or "Mineral Hill") a precious metals
exploration company wishes to announce that it has received
the approval of the TSX Venture Exchange ("TSXV") for the on
April 30, 2021 announced "Shares for
Debt" transaction, to settle the aggregate of $286,711 in loans to insiders of the Company,
through the issuance of 1,274,271 common shares of the Company
("Share") at a deemed price of $0.225
per Share ("Debt Settlement").
The Debt Settlements represent accumulated interest-free cash
payments received from Merfin Management Limited ("Merfin"), a
controlling shareholder of the Company of which Mr. Dieter Peter is President, and Andrew von Kursell ('AvK"), a Director and
Chairman of Mineral Hill's Audit Committee (jointly called
("Insider-Loans").
The Insider Loans were provided for project payments, general
working capital in order to keep the Company in good standing and
to be able to meet its administrative obligations including the
required fees to regulatory bodies since December 2018.
All Shares being issued to eliminate the Insider-Loans 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 MI 61-101 and will be
exempt from the formal valuation and minority shareholder approval
requirements and will, pursuant to the Debt Settlement agreement,
have a voluntary four-months hold period from the issuance date
thereof and will have no share purchase warrants attached.
The Company seeks Safe Harbor
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain forward-looking statements
based on assumptions and judgments of management regarding future
events or results. Such statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ materially from those reflected in the forward-looking
statements. There is no assurance the private placement, property
option or reinstatement of trading referred to above will close on
the terms as stated, or at all. The Company disclaims any intention
or obligation to revise or update such statements.
The securities which may be offered have not been, nor will
be, registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to U.S. persons without
registration or applicable exemption from the registration
requirement of such Act. This release does not constitute an offer
for sale of such securities in the United
States of America.
SOURCE Mineral Hill Industries Ltd.