Toronto: TSX-V: MHI
Frankfurt: MLN/WKN: A1JKJN
OTC Market (US): MHIFF
VANCOUVER, BC, Aug. 8, 2024
/CNW/ - Dieter Peter, president,
chief executive officer and a director of Mineral Hill Industries
Ltd ("MHI" or "Company") and Merfin Management Limited ("MRF"),
private holding company's and MHI's current controlling
shareholder, has executed on August 6,
2024 a letter of intent (the "LOI") with Instant Finance and
Consulting AG ("IFCAG") whose controlling shareholder and
representative is Mr. Boris Vrabec
for the possible private sale of 11,383,795 common shares of MHI
held by MRF (the "MRF/MHI-Shares"), representing a control position
of MHI's outstanding share capital, at a price of $0.022 per MRF/MHI-Share.
IFCAG is a private company incorporated and existing under
the laws of Switzerland of which
Mr. Boris Vrabec is a member of
IFCAG's "Verwaltungsrat".
IFCAG, either directly or through its subsidiaries provides
independent advice and provision of all services internationally,
in particular within the entire insurance, fiduciary, financial,
financial and administrative sectors and has entered into
acquisition and significant financing agreements to acquire and
finance substantial precious mineral projects and has assembled a
highly qualified exploration and mining team.
MHI has currently 21,324,807 common shares ("MHI-Shares")
outstanding of which MRF presently owns 11,383,795 MHI-Shares
representing 53.38% of the Company's issued and outstanding
securities.
The share transfer of the MRF/MHI-Shares from Mr. Peter to IFCAG
will create a new control person and result in a change of control
under the Policies of the TSX Venture Exchange, and will require
the approval of disinterested shareholders of the Company and
acceptance by the TSX Venture Exchange. As the Company had
already announced on June 21, 2024
its upcoming Annual General and Special Meeting (the
"AGSM") to be held on August
20, 2024, sometime before the LOI was finalized, the Company
will be seeking disinterested shareholder approval of the transfer
of the MRF/MHI-Shares from Mr. Peter to IFCAG at the AGSM. This
matter will be brought before the AGSM under item 6 "transaction of
further business" of the Notice of the AGSM.
Disinterested shareholders previously unanimously approved a
"change of control" to Echos Holding AG ("Echos") via a "Call
Option" pertaining to a control block of MHI-Shares owned by MRF,
at the
Company's Special Shareholders Meeting held on February 21, 2023. The Call Option to Echos was
not exercised and expired in 2023 and there was no "change of
control" of MHI's share 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.
