Mineral Hill Industries Limited
- ASCOT ACQUIRES STAKE IN MINERAL HILL INDUSTRIES LIMITED
- London, 1 February 2012. Ascot Mining Plc (PLUS Markets: ASMP, XETRA®: AM3.DE, "Ascot" or the "Company") announces the acquisition of shares in Mineral Hill Industries Limited ("Mineral Hill").
- Ascot is pleased to announce that, in accordance with its stated strategy of building a portfolio of exploration and advanced stage mineral assets throughout the Americas, it has completed a share acquisition which will give the Company an initial stake of approximately 29.7% in Mineral Hill Industries Limited.
- Mineral Hill is a Canadian based mineral exploration company trading on the TSX Venture Exchange (MHI), the Frankfurt Exchange (N8Z/WKN: AODLHP), and the OTC Pink Sheets (MHIFF). Mineral Hill has accumulated a diversified portfolio of lithium and precious metal properties in North America.
- Ascot has invested Cdn$450,000 at a subscription price of Cdn$0.16. This subscription will result in the issue to Ascot of a total of 2,812,500 Units, with each Unit comprising one common share in Mineral Hill and one share purchase warrant exercisable at Cdn$0.22 in the first year and Cdn$0.35 in the second year.
- As announced on 27 January, to facilitate the subscription, the Company issued US$500,000 of Unsecured Convertible Bonds ("Bonds"), which also confer 2,000,000 warrants over Ascot's ordinary shares to Terra Equity LLC ("Terra") which are exercisable for a period of 24 months at an exercise price of US$0.25. Terra has also been granted security while the Bonds are outstanding over 2,531,250 Units (non-voting) in Mineral Hill. Further, in satisfaction of a Cdn$45,000 introduction fee to Kendo Capital Inc. ("Kendo") as consideration for introducing Terra to the Company, Ascot has granted 281,250 Units to Kendo, with each Unit comprising one common share in Mineral Hill and one warrant exercisable at Cdn$0.22 in the first year and Cdn$0.35 in the second year.
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