Trading Symbols: ---------------- TSX Venture Exchange: MHI Frankfurt Stock Exchange: N8Z/WKN: AODLHP Berlin-Bremen Stock Exchange: AODLHP Pink Sheets: MHIFF
VANCOUVER, July 9 /CNW/ - Mineral Hill Industries Ltd. is pleased to announce that, further to its news releases on May 12, 2009 and May 19, 2009, it has closed the private placement with a subscription of 20,000,000 units for total proceeds amounting to $600,000. Each unit consists of one common share and one 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 for the first year and at $0.10 per share, if exercised after the first year and for the remaining term following the closing.
The Company will pay finder's fees of C$60,000. All of the shares, warrants and any shares issued upon exercise of the warrants comprising the units are subject to a hold period and may not be traded in British Columbia until October 9th, 2009, except as permitted by the applicable Securities Acts and the Rules made thereunder and the policies of the TSX Venture Exchange ("TSXV").
An amount of $350,000 from the proceeds of the private placement will be used for a lithium project in the Province of Quebec and the balance will be used to finance continuing operations and acquisitions.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.