Mineral Hill Industries Ltd. Settles Long Term Loans
Tel :604-617-6794
Fax:604-568-9844
Email:[email protected]
Toronto: TSX-V: MHI
Frankfurt: MLN/WKN: A1JKJN
OTC Market (US): MHIFF
NEWS RELEASE
Mineral Hill Industries Ltd. Settles Long Term Loans
Vancouver, BC, Canada – April 30, 2021
Mineral Hill Industries Ltd. (the “Company” or “Mineral Hill”) wishes to announce that
on April 29, 2021, it submitted the request to the TSXV to settle its outstanding debt to
insiders through the issuance of 1,231,404 common shares to Merfin Management
Limited (“Merfin”) and 42,867 common shares to Andrew von Kursell (‘AvK”) in order to
eliminate the cash advances provided by Merfin and Avk (jointly called ”Insider Debt”) of
CAD 277,066 and CAD 9,645 respectively.
The proposed share price for the settlement shares will be CAD 0.225 and will have no
warrants attached. None of the Insider Debt include any interest nor salary payments and
have always been recorded in the Company’s audited year-end financial statements from
2018 to 2020 as well as in all quarterly financials.
Merfin is a holding company, of which Dieter Peter is President, that provided the
accumulated loan interest free for project payments, general working capital in order to
keep the Company in good standing and to be able to meet its administrative obligations
including the required fees to regulatory bodies since December 2018. The loan from AvK
consisted of accumulated cash expenses.
Mr. Peter and Mr. von Kursell provided unpaid services for the Company in their respective
capacities as Officers and Directors of Mineral Hill since 2013 which was duly disclosed
in Mineral Hill’s financial statements as well. The cash provided by Merfin and Avk are
considered to be a “related party transaction” as defined under Multilateral Instrument 61-
101 (“MI 61-101”). The Company will be relying on exemptions 5.5(g) and 5.7(e) of MI 61-
101 and will be exempt from the formal valuation and minority shareholder approval
requirements.
The Company’s independent Directors, acting in good faith, having approved all previous
loans, have determined that the proposed issuance of common shares in the capital of
the Company is preferable to large and long outstanding insider loans and reasonable in
the current circumstances of the Company. The issuance of shares is not creating a new
control person. Both Merfin and AvK are showing good faith in the Company’s proposed
and future acquisitions and through the proposed debt settlement investors can be
assured that any proposed funds raised will not be used to pay off those long-term
outstanding insider loans.
#170- 422 Richards Street,
Vancouver, BC, Canada, V6B 2Z4
www.MineralHill.com
Tel :604-617-6794
Fax:604-568-9844
Email:[email protected]
2
Merfin and AvK agreed to a minimum voluntary holding period of four months for the debt
settlement shares from its issuance date.
The Company seeks Safe Harbor
For further information contact the Company or: Dieter Peter, President & CEO; Phone: (604)
617-6794
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments
of management regarding future events or results. Such statements are subject to a variety of risks
and uncertainties which could cause actual events or results to differ materially from those
reflected in the forward-looking statements. There is no assurance the private placement, property
option or reinstatement of trading referred to above will close on the terms as stated, or at all. The
Company disclaims any intention or obligation to revise or update such statements.
The securities which may be offered have not been, nor will be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S.
persons without registration or applicable exemption from the registration requirement of such
Act. This release does not constitute an offer for sale of such securities in the United States of
America.