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Mineral Hill Announces Completion of Shares-for-Debt Settlement
Mineral Hill Announces Completion of Shares-for-Debt Settlement Canada NewsWire...
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[{"type":"text","content":"\n \n \n \n Mineral Hill Announces Completion of Shares-for-Debt Settlement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Toronto\n \n : TSX-V: MHI\n \n \n Frankfurt\n \n : MLN/WKN: A1JKJN\n \n OTC Market (US): MHIFF\n \n \n \n VANCOUVER, BC\n \n ,\n \n May 14, 2021\n \n /CNW/ -\n \n Mineral Hill Industries Ltd. (the \"Company\" or \"Mineral Hill\")\n \n a precious metals  exploration company wishes to announce that it has received the approval of the TSX Venture Exchange (\"TSXV\") for the on\n \n April 30, 2021\n \n announced \"Shares for Debt\" transaction, to settle the aggregate of\n \n $286,711\n \n in loans to insiders of the Company, through the issuance of 1,274,271 common shares of the Company (\"Share\") at a deemed price of\n \n $0.225\n \n per Share (\"Debt Settlement\").\n \n \n The Debt Settlements represent accumulated interest-free cash payments received from Merfin Management Limited (\"Merfin\"), a controlling shareholder of the Company of which Mr.\n \n Dieter Peter\n \n is President, and\n \n Andrew von Kursell\n \n ('AvK\"), a Director and Chairman of Mineral Hill's Audit Committee (jointly called (\"Insider-Loans\").\n \n \n The Insider Loans were provided for project payments, general working capital in order to keep the Company in good standing and to be able to meet its administrative obligations including the required fees to regulatory bodies since\n \n December 2018\n \n .\n \n \n All Shares being issued to eliminate the Insider-Loans are considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The Company will be relying on exemptions 5.5(g) and 5.7(e) of MI 61-101 and will be exempt from the formal valuation and minority shareholder approval requirements and will, pursuant to the Debt Settlement agreement, have a voluntary four-months hold period from the issuance date thereof and will have no share purchase warrants attached.\n \n \n \n The Company seeks Safe Harbor\n \n \n \n \n Neither the TSX Venture Exchange nor its Re...