Non-brokered offering sells units of one share, one warrant at C$0.30
By Devika Patel
Knoxville, Tenn., May 24 – Mineral Hill Industries Ltd. said it plans a C$2.01 million non-brokered private placement of units.
The company will sell 6.7 million units of one common share and one warrant at C$0.30 per unit.
The three-year warrants will be exercisable at C$0.40 in the first year, at C$0.50 in the second year and at C$0.80 in the third year. The strike prices are 53.85%, 92.31% and 207.69% premiums to the May 23 closing share price of C$0.26.
Proceeds will be used for general working capital and operating expenses.
The precious metals explorer is based in Richmond, B.C.
| Issuer: | Mineral Hill Industries Ltd.
|
| Issue: | Units of one common share and a warrant
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| Amount: | C$2.01 million
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| Units: | 6.7 million
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| Price: | C$0.30
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.40 in the first year, C$0.50 in the second year, C$0.80 in the third year
|
| years
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| Agent: | Non-brokered
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| Pricing date: | May 24
|
| Stock symbol: | TSX Venture: MHI
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| Stock price: | C$0.26 at close May 23
|
| Market capitalization: | C$2.71 million
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