Mineral Hill Industries - Corporate Update
RICHMOND, BC, Dec. 21, 2016 /CNW/ - Mineral Hill Industries Ltd. (the "Company" or "Mineral Hill") wishes to announce that at its Annual and Special General Meeting held on December 16, 2016 (the "ASGM"), Messrs. Rafael Pinedo, Grant Hendrickson, Andrew von Kursell, Dieter Peter, Eric Peter-Kaiser and Milo Filgas were re-elected as directors and Davidson & Company LLP were re-appointed as the Company's auditors.
Also at the AGM, the Company's shareholders passed a special resolution approving an amendment to the Company's Articles authorizing the Company to issue non-voting convertible preferred shares ("Pref-A Shares"). As stated in the Company's April 21, 2016 and September 13, 2016 news releases, upon receiving final approval from the TSXV, the Company will issue 2.25 million Pref-A Shares at a par value of CAD 1.00 per Pref-A Share to the Shareholders-SPA in proportion to their respective shareholdings in CPS, as defined in the SPA. The Pref-A Shares will be convertible into common shares of Mineral Hill on a "one-for-one" basis any time subsequent to their issuance and may be subject to an escrow agreement subject to the escrow requirements of the TSXV.
At the board meeting (the "Board Meeting") held immediately after the AGM, the following officers and committee members were appointed:
| Officers | |
| President & CEO | Dieter Peter |
| Interim Chief Financial Officer | Andrew von Kursell |
| Treasurer & Accounting Administrator | Vera Kaiser |
| Corporate Secretary | Michael Kelm |
| Audit Committee Andrew von Kursell Rafael Pinedo Milo Filgas | Steering Committee Andrew von Kursell Dieter Peter James Holmes |
| Corporate Governance & HR Committee Dieter Peter James Holmes Rafael Pinedo Grant Hendrickson | Environmental & Safety Committee Andrew von Kursell Grant Hendrickson Eric Peter-Kaiser |
| Exploration Committee James Ellwood Rafael Pinedo Grant Hendrickson Remi Aiyala Anthony Campbell | Advisory Board Eric Peter-Kaiser
|
Also at the Board Meeting, the board of directors (the "Board") nominated and approved Messrs. Dieter Peter, James Holmes, Eric Peter-Kaiser and Dr. Juergen Focke as directors of its subsidiary Global Environomic Systems Corp. ("GSC"). Mr. Peter was also appointed President and CEO and Mr. Michael Kelm was appointed Corporate Secretary of GSC. The Board also authorized the creation and incorporation of an operating subsidiary and, upon receiving final approval of the Company's "Fundamental Acquisition" of 45% of the outstanding shares of CPS Energy Resources Plc ("CPS") from the TSXV, authorized the Company to accept the transfer to Mineral Hill of the UK incorporated financial subsidiary, MHI Mass-Energy Financing Plc ("MMF").
The Company also granted an aggregate of 798,000 incentive stock options to its officers, directors and employees at an exercise price of $0.30 per share. The options are granted for a three-year period and the grant is subject to vesting provisions.
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
please contact: Dieter Peter, President & CEO Phone: (604) 278-1135