RICHMOND, BC, Aug. 15, 2017 /CNW/ -Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") is pleased to report that its proposed future exploration partner, CPS Energy Resources Limited ("CPS"), has updated its shareholders on its to be developed OPL-236-project.

CPS is a UK incorporated private company of which Mineral Hill has executed Share Purchase Agreement with existing shareholders of CPS ("SPA") to acquire 45% of CPS' outstanding shares and Mineral Hill has also negotiated the irrevocable Right of First Refusal to acquire additional 8% of the outstanding shares of CPS held by two CPS shareholders (see the Company's announcement of January 16, 2017).

CPS announced, in particular, certain findings of a major study undertaken by a qualified integrated energy services company ("QIESC") as a "Competent Persons Report" or CPR to be updated to comply with NI 51-101 and COGE Handbook standards. 

QIESC used data and reports which included the following; seismic database in an HIS Kingdom project, an asset evaluation report from 2010, a drilling report from 1988, a geological study of OML 48, a petrophysical review of the block undertaken in 2007.

CPS Energy Resources entered into an option agreement to jointly develop the contract area covered by OPL 236. After commercial, technical and legal due diligence, CPS has exercised its option to acquire an 80.75% participating interest in the production sharing agreement for OPL 236 subject to receipt of ministerial and corporate consent including final regulatory approval, further to which full asset transfer shall take place.

The SPA necessitates that the above mentioned QIESC report will be updated with a full "NI-51-101" report before the final approval of the Acquisition by the TSX-V.

RICHMOND, BC, July 28, 2017 /CNW/ - In respect to the Company's news release dated March 2, 2017, Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") wishes to announce that certain subscribers of the announced private placement had to be replaced but the Company intends to soon complete a non-brokered private placement of up to 3,000,425 securities units (the "Unit(s)") in the capital of the Company at a price of $0.30 per Unit for a total proceeds of up to $900,128. Each Unit will consist of one common share and one transferable common share purchase warrant ("Warrant"). Each Warrant is exercisable for three years from the date of issuance at $0.40 during the first year, $0.50 during the second year and at $0.80 during the third year from the date of issuance. A finder's fee will be paid by the Company to non-insiders in connection with the completion of the private placement.

As announced previously, certain directors and officers will acquire units under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization.

Further, the Company wishes to clarify that Deutsche Börse (German Stock Exchange, Frankfurt) is introducing a new system to its Xetra listings, where in future only securities that are "DTC" eligible, the Depository Trust Company (DTC) is a securities depository based in the U.S., are able to be listed on "Xetra". This new regulation excludes presently MHI's Xetra quotation, as the Company is only eligible for Canadian Depository for Securities ("CDS"), but Mineral Hill will remain co-listed on the Frankfurt, Berlin and Munich quotation platforms.