Mineral Hill Industries Ltd. ("the Company" or "MHI") announced that it has closed the private placement with a subscription of 900,000 non flow-through units for total proceeds amounting to $108,000.

Despite the market conditions and the Company's shares trading well below the issue price, Merfin Management Ltd. ("MRF"), a private holding company of which Dieter Peter is president and a trustee of one of the two trusts controlling MRF, subscribed to the 900,000 non flow-through units at $0.12 per unit. Each Unit will be comprised of one common share and one transferable common share purchase warrant. Each warrant forming part of a Unit is exercisable for one additional common share for a period of two years from the date of closing. Each warrant will be exercisable for one additional common share at $0.15 per share if exercised during the first year and $0.20 per share if exercised during the second year.

Dieter Peter is the Chairman, President & CEO of MHI and such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any units issued to or the consideration paid by such persons will exceed 25% of the Company's market capitalization.

All of the shares warrant and any shares issued upon exercise of the warrants comprising the units are subject to a hold period and may not be traded in British Columbia until April 4, 2010 except as permitted by the applicable Securities Acts and the Rules made there under and the TSX Venture Exchange. There is no finder's fee payable in connection with this private placement.

At this point, the Company will not be proceeding with the private placement of up to four million flow-through units at $0.15 per unit, it announced on October 16, 2009. The Company is reassessing its capital requirements for the purpose of funding its additional exploration program on the Chickadee Creek Lithium Brine Project in Alberta and the its Praxis Goldfields project for its overall 2010 exploration program.

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