Goldhills plans $500K private placement for mineral exploration

Goldhills Holding Ltd. (TSXV: GHL) (OTC Pink: GODZF) announced a non-brokered private placement of up to 10,000,000 units at $0.05 per unit, seeking gross proceeds of up to $500,000.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional common share at $0.07 for 24 months from the date of issuance.

The company said it intends to use the net proceeds for mineral exploration and general working capital. Goldhills holds an option to acquire a 100% interest in the Lennac Lake copper-molybdenum porphyry project in central British Columbia.

Certain directors and officers may participate in the offering, which would constitute a related party transaction under Multilateral Instrument 61-101. The company expects to rely on exemptions from formal valuation and minority shareholder approval requirements, as neither the fair market value of securities issued to insiders nor the consideration paid will exceed 25% of the company's market capitalization.

Closing is subject to regulatory approvals, including acceptance by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months and one day from issuance. The company may also pay finders' fees in cash or securities to eligible finders in accordance with TSX Venture Exchange policies.

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