Vancouver, BC — October 21, 2011
Non-Brokered Private Placement
Mineral Hill Industries Ltd. (the “Company” or “MHI”) wishes to announce that it will use its best efforts to sell by private placement of up to 5.94 million units at $0.16 per unit (“Unit”) for total proceeds of up to $950,000. 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 $0.22 per share if exercised during the first year from the date of issue and $0.30 per share, if exercised during the second year from the date of issue. The Company will apply the proceeds from the private placement towards its program for the Liberty Hill Gold Mine project and working capital to fund ongoing operations.
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.
About Mineral Hill Industries Ltd.
Mineral Hill Industries Ltd. is a Canadian based mineral exploration and development company and has accumulated a diversified portfolio of quality lithium and precious metal properties primarily in North America. The Company’s determination to develop its promising lithium exploration projects in Quebec, Canada, and in Nevada, USA, will remain a major focus and its pursuit to accelerating the development of its gold exploration and production opportunities and attracting a strong management team will enhance its effectiveness to execute the Company’s objectives and mission.