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Mineral Hill Announces Share Acquisition in Significant Energy Project and the Acquisition of Subsidiary with Patented Waste-to-Energy Technology
Mineral Hill Announces Share Acquisition in Significant Energy Project and the Acquisition...
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[{"type":"text","content":"\n\n\n\nMineral Hill Announces Share Acquisition in Significant Energy Project and the Acquisition of Subsidiary with Patented Waste-to-Energy Technology\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\nMineral Hill Announces Share Acquisition in Significant Energy Project and the Acquisition of Subsidiary with Patented Waste-to-Energy Technology\nCanada NewsWire\nRICHMOND, BC, April 21, 2016\n\n\n\nTrading Symbols: TSX Venture Exchange: MHIFrankfurt Stock Exchange: N8Z1/WKN: AODLHPPink Sheets: MHIFF\n\n\n\nRICHMOND, BC, April 21, 2016 /CNW/ - Mineral Hill Industries Ltd. (\"MHI\" or  \"Company\") wishes to announce that it has reached an agreement with certain shareholders of CPS Energy Resources Plc. (\"CPS\") an energy resource company incorporated under the Laws of England and Wales and having its registered office at 106 Mount Street, London, UK, W1K 2TW to acquire their interest representing 45% of CPS (the \"Acquisition\"). CPS entered into an option agreement with an experienced local operator (\"Operator\") to jointly develop the contract area covered by OPL 236 (the \"Project\"), under which CPS will acquire an 80.75% participating interest in the Production Sharing Contract for OPL 236 (\"PSC\") with the Operator, subject to receipt of corporate and regulatory approvals, including Ministerial consent after which full asset transfer shall take place. An independent report (NI 51–101 compliant) completed by LR Senergy Limited, Brettenham House, Lancaster Place, London (\"Senergy\") in January 2015 (\"Report-1501\") indicates a potential value in the order of US$120 million to US$ 240 Million.  \n\nThe Company has executed a Share Purchase Agreement (\"SPA\") with twelve (12) independent shareholders (\"Shareholder-SPA\") representing 45% of the outstanding shares of CPS (\"Shares-CPS\"), as contemplated under the terms of the \"HOT\" or \"LOI\" announced on December 10, 2015.\n\nUpon receiving Regulatory Approval (\"Approval-Date-SPA\") and the closing of a private placement (the \"MHI-PP#1\"), with its provisions described below, the transa...