Vancouver, BC – November 23, 2010
Non-Brokered Private Placement
Mineral Hill Industries Ltd. (TSX-V: MHI) (the “Company”) is pleased to announce that further to its news release of July 19, 2010 the Company has now completed a non-brokered private placement of $110,000 with a subscription of 2,200,000 non flow through common shares of the Company at a price of $0.05 per common share. Merfin Management Limited, a private trust, which is one of the Company’s controlling shareholders and of which Dieter Peter is President, subscribed to all 2,200,000 units and since Mr. Peter is Chairman and CEO of the Company, his participation would be considered a “related party transaction” as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such person will exceed 25% of the Company’s market capitalization.
These shares are subject to a hold period and may not be traded in British Columbia until February 19, 2010 except as permitted by the applicable Securities Acts and the Rules made there under and the TSX Venture Exchange.
The Company will apply the proceeds from the private placement towards its existing projects, exploration, due diligence for new acquisitions and working capital to fund ongoing operations.
For further information, please contact:
Chief Executive Officer
Telephone: (604) 685-4170
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.