Trading Symbols:
TSX Venture Exchange: MHI
Frankfurt: MLN/WKN: A1JKJN
OTC Market (US) Pink Sheets: MHIFF
VANCOUVER, BC, Dec. 13, 2021 /CNW/ - Mineral Hill
Industries Ltd. ("Mineral Hill" or
"Company") listed on the TSX Venture exchange
("TSXV") under the trading symbol "MHI" and on the Deutsche
Boerse, Frankfurt under the
trading symbol "MLN" wishes to announce that the private placement
announced on November 8, 2021 has
been amended to reflect a bridge financing necessary to commence
its due diligence under the terms of the Memorandum of
Understanding ("MOU") announced on November
17, 2021 with an overseas corporation which is involved in
the business of acquiring and financing mineral resource assets
consisting of alluvial gems and minerals located in South Africa ("RTO-Project").
On November 26, 2021, the Company
announced that it had completed its first stage exploration program
of the precious metals claims located in British Columbia under an exclusive
Earn-In-Option ("BC-Project") and submitted the related exploration
samples to the analytical laboratory which confirmed now that the
Company can expect to receive its requested analytical results by
next week.
As Mineral Hill's continuing exploration program is planned for
early next year, taking into account the present weather
conditions, the Company wishes to pursue its due diligence in
respect to the RTO-Project. Considering that its due diligence may
lead to a definitive acquisition agreement ("DA-Agr") resulting in
a possible Reverse Takeover ("RTO"), and in order to keep the
exploration funds of the BC-Gold-Project separate from the cost of
the due diligence for RTO-Project and to meet the requirements of
the TSX Venture ("TSXV"), the Company wishes to announce that the
private placement announced on November 8,
2021 has been amended to a reduced amount of $150,000 comprised of 600,000 common shares at
$0.25 per share as bridge financing
for the due diligence.
The financing will meet each criteria of Policy 5.2, section 5.3
"Bridge Financing" and will be used for covering costs such as
legal fees, audit fees and due diligence associated with proceeding
to completion of a possible RTO. No payments will be made to the
vendor.
Mineral Hill is confident that, if its due diligence leads to
the execution of a DA-Agr, any additional financing for the final
acquisition of the BC-Project can be combined within the time frame
of a possible RTO financing.
THE COMPANY SEEKS SAFE HARBOUR
ABOUT MINERAL HILL INDUSTRIES LTD
Mineral Hill is a publicly trading junior mining company focused
on the acquisition, exploration, development and possible mining of
natural resources, with the presently primary objective of
developing the Dot-Apex Claim Group ("Apex Claims") and the
Master-ACE Claim Group ("ACE Claims"), located in
south-western British Columbia (
the "BC-Project").
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 property option referred to
above will be exercised or the private placement 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.
SOURCE Mineral Hill Industries Ltd.