Mineral Hill Industries Ltd. - Closing of Non-Brokered Private Placement

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[{"type":"text","content":"\n\n\n\n\n\nTrading Symbols:\nTSX Venture Exchange: MHIFrankfurt Stock Exchange: N8Z/WKN: AODLHP\nPink Sheets: MHIFF\n\n\nThe securities being offered have not been, nor will be, registered\n under the United States Securities Act of 1933, as amended, and may not\n be offered or sold in the United States or to U.S. persons without\n registration or applicable exemption from the registration requirement\n of such Act.  This release does not constitute an offer for sale of\n such securities in the United States of America.\n\n\nVANCOUVER, Jan. 30, 2012 /CNW/ - Mineral Hill Industries Ltd. (the\n \"Company\" or \"MHI\") wishes to announce that further to its news release\n dated January 20, 2012, the Company has now completed a non-brokered\n private placement of $466,000 with a subscription of 2,912,500 units\n (the \"Units\") of the Company at a price of $0.16 per Unit.  Each Unit\n will comprise one common share and one transferable common share\n purchase warrant.  Each transferable common share purchase warrant is\n exercisable for one additional common share at $0.22 per share if\n exercised during the first year from the date of issue and $0.35 per\n share, if exercised during the second year from the date of issue. \n There is no finder's fee payable in connection with this private\n placement.  The closing of this private placement is subject to the\n final acceptance from the TSX Venture Exchange.  The Company will apply\n the proceeds from the private placement towards its program for the\n Liberty Hill Gold Mine project and working capital to fund ongoing\n operations.\n\n\nAscot Mining Plc. (\"Ascot\") subscribed to 2,812,500 units at $0.16 per\n Unit representing 96.6% of the private placement. As a consequence of\n this subscription, Ascot will be holding 29.7% of the issued and\n outstanding share capital and, in accordance with Exchange Policy, will\n be considered as an additional control person of the Company. The\n Company has received written consent of the shareholders holding in\n aggregate more than 50% of the Company's issued Listed Shares for\n approval of this private placement and the acceptance of Ascot as an\n additional control person.\n\n\nAscot is a junior mining and exploration company which currently\n operates in Costa Rica and is aggressively pursuing advanced stage...

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