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01.02.2012
ASCOT MINING PLC 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: A1JKJN), 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.
As a consequence of this subscription, Ascot will, in accordance with TSX
Exchange Policy, be deemed an additional control person of Mineral Hill, who
have received the written consent of the shareholders (holding in aggregate
more than 50% of MHI's issued listed shares) for approval of this placement and
the acceptance of Ascot as an additional control person
Mineral Hill has stated that Ascot's investment will primarily be applied
towards the planned re-commissioning and bulk sampling of the Liberty Hill Gold
Mine project in the United States. See: www.mineralhill.com
Concerning related parties, Ascot Board member Andrew Von Kursell abstained
from voting as he is also a Director on the board of Mineral Hill. He
introduced the two companies to each other some five years ago. Dr. Stewart
Jackson, PhD, P. Geol., P. sits on Mineral Hill's technical committee, and is
also the Competent Person to Ascot Mining.
David Jackson, CEO of Ascot says: "This transaction represents an important
next step towards fulfilling Ascot's strategy of diversifying both its
commodity and its country portfolio. It will help to raise Ascot's profile in
Canada, and could provide the Company with access to an exciting range of
exploration projects and to potential near-term gold production. Ascot is
particularly interested in MHI's Lithium properties in Quebec, Canada and will
also benefit from Mineral Hill's experienced management and advisory team.
Ascot's management, however, still remains fully focused on increasing gold
production in Costa Rica".
The Directors take responsibility for this announcement.
For further information on this announcement please contact:
Alex Panko, Director
Ascot Mining Plc
UK cell +44 (0)7766 080 925
info@ascotmining.com
www.ascotmining.com
Daniel Stewart & Co Plc
(PLUS Markets Adviser & Broker)
Colin Rowbury/James Sheehan (Broking) / Noélle Greenaway (Corporate Finance)
+44 (0)207 776 6550
www.danielstewart.co.uk
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Kostenloser Abdruck mit Quellenangabe erlaubt.
"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: A1JKJN), 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.
As a consequence of this subscription, Ascot will, in accordance with TSX
Exchange Policy, be deemed an additional control person of Mineral Hill, who
have received the written consent of the shareholders (holding in aggregate
more than 50% of MHI's issued listed shares) for approval of this placement and
the acceptance of Ascot as an additional control person
Mineral Hill has stated that Ascot's investment will primarily be applied
towards the planned re-commissioning and bulk sampling of the Liberty Hill Gold
Mine project in the United States. See: www.mineralhill.com
Concerning related parties, Ascot Board member Andrew Von Kursell abstained
from voting as he is also a Director on the board of Mineral Hill. He
introduced the two companies to each other some five years ago. Dr. Stewart
Jackson, PhD, P. Geol., P. sits on Mineral Hill's technical committee, and is
also the Competent Person to Ascot Mining.
David Jackson, CEO of Ascot says: "This transaction represents an important
next step towards fulfilling Ascot's strategy of diversifying both its
commodity and its country portfolio. It will help to raise Ascot's profile in
Canada, and could provide the Company with access to an exciting range of
exploration projects and to potential near-term gold production. Ascot is
particularly interested in MHI's Lithium properties in Quebec, Canada and will
also benefit from Mineral Hill's experienced management and advisory team.
Ascot's management, however, still remains fully focused on increasing gold
production in Costa Rica".
The Directors take responsibility for this announcement.
For further information on this announcement please contact:
Alex Panko, Director
Ascot Mining Plc
UK cell +44 (0)7766 080 925
info@ascotmining.com
www.ascotmining.com
Daniel Stewart & Co Plc
(PLUS Markets Adviser & Broker)
Colin Rowbury/James Sheehan (Broking) / Noélle Greenaway (Corporate Finance)
+44 (0)207 776 6550
www.danielstewart.co.uk
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B2QH7M99">http://www.irw-press.com/alert_subscription.php?lang=en&isin=GB00B2QH7M99</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.