Mineral Hill Announces Update of its Substantial Acquisition
Trading Symbols:
TSX Venture Exchange: MHI
Frankfurt Stock Exchange: N8Z1/WKN: AODLHP
OTC Markets: MHIFF
RICHMOND, BC, April 26, 2016 /CNW/ - Mineral Hill Industries Ltd. (the "Company" or "Mineral Hill") wishes to announce that in reference to its News Release dated April 21, 2016, the Company has filed with the TSX-V its documentation for the required approval of the previously announced fundamental acquisition. Mineral Hill is expecting that its common shares will resume trading this week upon the Exchange's filing acceptance.
Subsequent to the approval Mineral Hill will change its name to MHI Mass-Energy Corp but the Company will maintain its trading symbols as advertised above.
The Company wishes also to announce that after careful analysis of the potential value of its Lithium claims located in Quebec, Canada (the "LI-Claims") which the Company already impaired in its financial statements of 2014, and in comparing the mounting cost of keeping said the remaining claims in good standing in consideration to the Company's unsuccessful attempts to secure funding for continued exploration on the property, the Board of Directors (the "Board") decided that it was in the best interest of the shareholders to divest said claims.
After due deliberation the Board decided that the Company's value would better enhanced by focusing on the development of its natural resources subject to its announcement of April 21, 2016 and therefore the Company entered into an agreement with a non-related mining exploration company to transfer its LI-Claims, to this mining company. The Company retains a 1% NSR on any metal produced, the NSR can be purchased for a combined total of $400,000.
The Board of the Company
The Company seeks Safe Harbor
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mineral Hill Industries Ltd.
Contact
Dieter Peter, President & CEO Phone: (604) 278-1132