AMENDED NON-BROKERED PRIVATE PLACEMENT
Vancouver, BC, Canada – July 16, 2018
Further to the Company’s news release dated May 1, 2018 Mineral Hill Industries Ltd. (“Mineral Hill” or the “Company”) wishes to announce changes to its proposed non-brokered private placement to raise additional working capital and ongoing development of its Oil & Gas project in Oklahoma. In accordance to the trading price of the Company’s stock on the TSX-V Mineral Hill will use its best effort to sell up to 5,000,000 million securities units at $0.20 per securities unit (“Unit”) for total proceeds of up to Cdn$1,000,000. Each Unit will consist of one common share of the Company and one transferable common share purchase warrant (“Warrant”) exercisable within a period of one (1) year from the date of issue, at an exercise price of Cdn$0.30 per Warrant Share.
The proceeds from the private placement will be used towards the continuing development program and production improvements of the Leasehold Estate project and partially for repayments of advances made by insiders for the development and increase of the cash flow from the existing oil wells within the project, the completion of the validation, the NI-51-101 report and for general corporate purposes.
Certain directors and officers of the Company may acquire units under the private placement. Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 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 units issued to or the consideration paid by such persons will exceed 25% of the Company’s market capitalization. This private placement is subject to regulatory approval.
MHI will pay finder’s fees in connection with the private placement on the portion of the total proceeds which will be raised from arms-length agents and issue additional “Broker Warrants” to participating broker firms.
The Company seeks Safe Harbor
For further information, please contact:
Dieter Peter. President & CEO Phone: (604) 617-6794
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.
The securities being 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.