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Mineral Hill Has Unwound its Previously Announced Private Placement and Terminated its Definitive Acquisition Agreement
Mineral Hill Has Unwound its Previously Announced Private Placement and Terminated its Def...
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[{"type":"text","content":"\n\n\n\nMineral Hill Has Unwound its Previously Announced Private Placement and Terminated its Definitive Acquisition Agreement\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.prntac{\nTEXT-ALIGN: CENTER\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 15, 2020\n\n\n\n/NOT FOR DISSEMINATION IN THE UNITED STATES/\nToronto: TSX-V: MHI\n VANCOUVER, May 15, 2020 /CNW/ - Mineral Hill Industries Ltd. (\"MHI\" or \"Company\"), listed on the TSX Venture Exchange (\"TSXV\") under the trading Symbol \"MHI\", wishes to announce that subsequent to its News Releases dated February 3rd, 2020, February 13th, 2020, February 21st, 2020, and April 20th, 2020 the Company has completed the unwinding of its private placement financing (\"Private Placement\"). \nAs stated in the Company's press release of February 21st, 2020, the Company had received subscription agreements for CAD $2,183,381, relating to the subscription of 2,183,381 common shares at a deemed issue price of CAD $1.00 per share.  Funds in the amount of CAD $2,183,381 were received by the Company on account of its Private Placement.  Out of the amounts received, USD $425,000 ($559,210 CAD) had been advanced for the benefit of Southern Colorado Real Estate Ventures Holdings LLC (\"SCRH\"), the proposed target and counterparty to the Definitive Acquisition Agreement dated January 28th, 2020.\nAs at today's date, the Company has unwound the Private Placement, returning all of the funds to the subscribers, and has entered into a Mutual Termination Agreement with SCRH terminating the Definitive Acquisition Agreement and releasing the parties from all obligations related thereto.  As part of the unwinding of the Private Placement, promissory notes in connection with the USD $425,000 ($559,210 CAD) advanced for the benefit of SCRH were transferred to certain subscribers in the Private Placement in lieu of a return of their subscription funds.  \nAs of the date of this press release, the Company's position regarding the Definitive Acquisition Agreement and Private Placement is as follows: ...