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Update on Mineral Hill's Oil & Natural Gas Project
Update on Mineral Hill's Oil & Natural Gas Project Update on Mineral Hill's Oi...
About this update from Gold Strategy Inc.
[{"type":"text","content":"\n\n\n\nUpdate on Mineral Hill's Oil & Natural Gas Project\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\nUpdate on Mineral Hill's Oil & Natural Gas Project\nCanada NewsWire\nRICHMOND, BC, July 5, 2017\n\n\n\nRICHMOND, BC, July 5, 2017 /CNW/ - Mineral Hill Industries Ltd. (\"Mineral Hill\" or \"Company\") is pleased to announce that CPS Energy Resources Limited (\"CPS\") has notified the Company of the positive developments in respect to the future project bond financing of the OPL-236 project.  CPS is the UK incorporated private company of which Mineral Hill proposed to acquire 45% of CPS' issued shares and has the irrevocable Right of First Refusal to acquire additional 8% of the outstanding shares of CPS held by two CPS shareholders (see also the Company's announcement of January 16, 2017). \n\nIn its announcement to the Company CPS states the following:\"CPS is pleased to update on its progress in respect to the bond being created to develop the OPL-236 project. As announced on December 5th, 2016 by Mineral Hill, MHI Mass Energy Financing plc was incorporated in the UK (\"MMF\") for the purpose of facilitating a USD Zero-coupon Bond issue to net MMF USD 60M (the \"MMF-Bond\"). The MMF-Bond will back-up all future developments for the OPL-236 project and is intended to be completed after closing the proposed private placement and allow the whole five year government approved work programme to be undertaken.  An agreement has been signed with a Danish based financial services company to assist with the issue of the bond and there have been discussions with two substantial institutional investors over a number of weeks, which would involve an investment of between $60-70m for a ten year term conditional upon the completion of its due diligence, particularly on the insurance protection. \n\nA US based insurance company has completed due diligence and it is expected that they will confirm that they will insure the bond which will provide additional investor security in the form of insurance. The terms for the insurance have been articulat...