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[posting]46401138[/posting]News ! Mineral Hill moves to Richmond, B.C., offices 2014-02-07 17:51 ET - News Release Mr. Dieter Peter reports MINERAL HILL MOVES ITS OFFICES TO RICHMOND, B.C., AND RECEIVES BOARD APPROVAL FOR BRIDGE LOANS Mineral Hill Industries Ltd. has moved its offices to Richmond, B.C., Canada. The company has entered into a sublease with Nass Valley Gateway Ltd. to use Unit 120B at 12820 Clarke Place in Richmond, B.C., as its administrative office. With this arrangement, the company exercised cost savings of more than 60 per cent in comparison with the previous office lease arrangement. As the company's private placement, which was announced on July, 2013, did not complete, Mineral Hill's board of directors approved working capital advances, which have been made during the period from Jan. 1, 2013, to Jan. 31, 2014, by companies related to two directors of the company, in the combined total amount, as at Jan. 31, 2014, of $538,136 in the form of loans, with a monthly interest of 0.70 per cent. The loans were provided to the company for general working capital to meet its minimum administrative obligations, including payments for continuing asset maintenance and required fees to regulatory bodies in Canada and the United States. The loans by the two companies are considered to be a related-party transaction as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the company is in serious financial difficulty, the loans are designed to improve the financial position of the company and at least two-thirds of the company's directors, acting in good faith, have determined the loans are reasonable in the circumstances of the company. Based on commitments, management is confident it will be able to raise the necessary financing for the completion of its testing program on its Liberty mine gold project and to finance an additional exploration program on its lithium properties in Quebec through a flow-through-share issue. We seek Safe Harbor. © 2014 Canjex Publishing Ltd. All rights reserved. |
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| aus der Diskussion: | Mineral Hill Industries - Magnesium, Gold und Silber |
| Autor (Datum des Eintrages): | Indextrader24 (08.02.14 00:36:48) |
| Beitrag: | 253 von 1,763 (ID:46405258) |
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