Business
Mineral Hill Announces Private Placement and Property Acquisition
TSX Venture Exchange: MHI Frankfurt Stock Exchange: N8Z/WKN: AODLHP Pink Sheets: MHIFF
About this update from Gold Strategy Inc.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange: MHI\nFrankfurt Stock Exchange: N8Z/WKN: AODLHP\nPink Sheets: MHIFF\n\n\nVANCOUVER, May 12 /CNW/ - Mineral Hill Industries Ltd. (the "Company" or\n"MHI") wishes to announce that it will use its best efforts to sell by private\nplacement up to 20,000,000 Units at $0.025 per unit ("Unit"). Each Unit will\nbe comprised of one common share and one common share purchase warrant. Each\nwarrant is exercisable for one additional common share for a period of five\nyears from the date of closing at $0.05 per share. The Company may pay a\nfinder's fee in connection with the private placement. The Company will apply\nthe proceeds from the private placement to a lithium project in the Province\nof Quebec and for working capital to fund ongoing operations and acquisitions.\n\n\nThe Company is also pleased to announce that it has entered into a\nMineral Property Option Agreement (the "Agreement") with Fayz Yacoub and Ramy\nYacoub (the "Optionors") to acquire 100% interest in and to all mineral claims\n(the "Chubb Property") in the northwestern part of Quebec in the Province of\nQuebec, subject to applicable regulatory approval and in consideration of MHI\nmaking cash payments in the amount of $80,000 and issuing 800,000 common\nshares to the Optionors over three years from the effective date of the\nregulatory approval of the Agreement.\n\n\nThe Chubb Property is situated approximately 25 kilometres northwest in\nthe mining town of Val d'Or within the La Corne Township in the Province of\nQuebec. The Chubb Property consists of 20 contiguous mineral claims covering\napproximately 773.46 hectares. The Chubb lithium property comprises multiple\nlithium target areas.\n\n\nUnder standard conditions, lithium is the lightest metal and the least\ndense solid element. Because of its specific heat capacity, the highest of all\nsolids, lithium is often used in heat transfer applications. It is an\nimportant ingredient in cathode materials, because of its high electrochemical\npotential, light weight and high current density used in rechargeable and\nsingle-use batteries especially for cellphones and electric or hybrid\nautomobiles. Large quantities of lithium are also used in the manufacture of\norganolithium reagents, especially n-butyllithium which has many uses in...