Mineral Hill Industries Ltd. will use its best efforts to sell by private placement of up to 12 million common shares at five cents per unit for total proceeds of up to $600,000. The company will apply the proceeds from the private placement toward its existing projects, exploration, due diligence for new acquisitions and working capital to finance continuing operations.
Certain directors and officers of Mineral Hill 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. 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 per cent of Mineral Hill's market capitalization. This private placement is subject to regulatory approval.