TSX Venture Exchange: MHI Frankfurt Stock Exchange: N8Z/WKN: AODLHP Pink Sheets: MHIFF
VANCOUVER, May 12 /CNW/ - Mineral Hill Industries Ltd. (the "Company" or "MHI") wishes to announce that it will use its best efforts to sell by private placement up to 20,000,000 Units at $0.025 per unit ("Unit"). Each Unit will be comprised of one common share and one common share purchase warrant. Each warrant is exercisable for one additional common share for a period of five years from the date of closing at $0.05 per share. The Company may pay a finder's fee in connection with the private placement. The Company will apply the proceeds from the private placement to a lithium project in the Province of Quebec and for working capital to fund ongoing operations and acquisitions.
The Company is also pleased to announce that it has entered into a Mineral Property Option Agreement (the "Agreement") with Fayz Yacoub and Ramy Yacoub (the "Optionors") to acquire 100% interest in and to all mineral claims (the "Chubb Property") in the northwestern part of Quebec in the Province of Quebec, subject to applicable regulatory approval and in consideration of MHI making cash payments in the amount of $80,000 and issuing 800,000 common shares to the Optionors over three years from the effective date of the regulatory approval of the Agreement.
The Chubb Property is situated approximately 25 kilometres northwest in the mining town of Val d'Or within the La Corne Township in the Province of Quebec. The Chubb Property consists of 20 contiguous mineral claims covering approximately 773.46 hectares. The Chubb lithium property comprises multiple lithium target areas.
Under standard conditions, lithium is the lightest metal and the least dense solid element. Because of its specific heat capacity, the highest of all solids, lithium is often used in heat transfer applications. It is an important ingredient in cathode materials, because of its high electrochemical potential, light weight and high current density used in rechargeable and single-use batteries especially for cellphones and electric or hybrid automobiles. Large quantities of lithium are also used in the manufacture of organolithium reagents, especially n-butyllithium which has many uses in fine chemical and polymer synthesis. All the foregoing is subject to regulatory approval.
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