Mineral Hill Industries - Update of the company's first phase funding

TSX Venture Exchange: MHI
Frankfurt Xetra: N8Z1/WKN: AODLHP
OTC Market (US): MHIFF

RICHMOND, BC, Dec. 15, 2016 /CNW/ - Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") wishes to announce that it has received to date fully executed subscriptions for 2.9 million units of the December 5, 2016 announced private placement of up to 3,000,000 "Securities Units" at $0.30 per unit and is expecting to close the announced Private Placement very shortly.

The Private Placement, is the first phase of financing to be raised in connection with the Company's "substantial acquisition" of 45% of the outstanding shares of UK based CPS Energy Resources Plc ("CPS"), which entered into and exercised an option agreement with a leading Nigerian Oil and Gas company to jointly develop the contract area covered by the OPL 236 project in Nigeria (see News Release of April 21, 2016). This first phase of funding represents the Company's initial working capital and represents also a requirement of the executed Share Purchase Agreement as well as a precondition of the secured second phase funding issued as a bond as referred to in the Company's recent News Release dated December 5, 2016.

The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons without registration or applicable exemption from the registration requirement of such Act.  This release does not constitute an offer for sale of such securities in the United States of America.

The Company seeks Safe Harbor

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Mineral Hill Industries Ltd.