Toronto: TSX-V: MHI
Frankfurt: MLN/WKN: A1JKJN
OTC Market (US): MHIFF
VANCOUVER, BC, Feb. 28, 2022 /CNW/ - Mineral Hill Industries
Ltd. ("Mineral Hill" or "Company"), listed on the TSX
Venture Exchange ("TSXV") under the trading Symbol "MHI",
and on the Deutsche Boerse, Frankfurt under the trading Symbol "MLN"
wishes to announce that after careful consideration of all aspects
of the non-binding Memorandum of Understanding ("MOU") announced on
November 17, 2021, with an overseas
corporation ("GEMSco") which is involved in the business of
acquiring and financing mineral resource assets consisting of
alluvial gems and minerals located in South Africa, the Company and GEMSco agreed to
terminate the MOU and enter into a Letter of Intent ("LOI") with
terms resulting in a change of control positions within the Company
to be announced shortly.
As the parties are not continuing under the terms of the MOU,
Mineral Hill is herewith canceling the "Bridge Financing" of
$150,000, announced on December 13, 2021, to cover the upcoming costs
associated with the completion of a possible RTO under the MOU.
The Company stated within the above News Release, to continue
this spring with Phase II of its exploration, development program
and its primary objective to acquire 100% of the Dot-Apex Claim
Group and the Master-ACE Claim Group, located in south-western
British Columbia, encouraged by
the analytical lab results from its Phase I exploration program
during 2021.
To fund Phase II of its above 2022 exploration program, the
Company will very shortly announce a new tax deductible
"Flow-Through" share financing, qualifying as "flow-through mining
expenditures" under the Income Tax Act (Canada) and a new bridge financing to cover
the remaining costs to acquire 100% of the Dot-Apex and Master-ACE
claims and for general working capital.
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.
The Company seeks Safe Harbor.
SOURCE Mineral Hill Industries Ltd.