MBMI To Close $1,800,000 Loan Agreement
04 September 2009 - 5:51AM
Marketwired
MBMI Resources Inc. (TSX VENTURE: MBR) ("MBMI") is pleased to
announce that further to its news release of July 27, 2009, and
August 4, 2009, it intends to close the second tranche of a secured
loan. Up to $1,800,000 will be advanced to MBMI in the form of a
secured two year convertible debenture for up to $900,000, and a
secured two year bridge loan for up to $900,000 (the "Loans"). The
Loans will bear interest at 10% per annum, compounded and payable
monthly.
The principal amount of the debenture will be convertible into
units of MBMI at the option of the lenders at a fixed conversion
price of $0.10 per unit. The units will be comprised of a common
share and one common share purchase warrant. One warrant will
entitle the holder to purchase one common share of MBMI at a price
of $0.13 per share for a period of 2 years from closing.
As additional consideration for providing the Loans, the lenders
are to be issued up to 1,333,333 common shares of MBMI at a deemed
price of $0.135, and paid up to an $18,000 structuring fee pursuant
to the Debenture. Finder's fees will also be paid.
The net proceeds of the Loans will be used for exploration and
development of MBMI's Philippine nickel mineral properties, and for
general corporate purposes.
Completion of the Loans will be subject to final approval of the
TSX Venture Exchange. The debenture and the common shares issued
pursuant to the Loans will be subject to resale restrictions for a
period of four months from the closing date under applicable
securities legislation.
MBMI Resources Inc. (TSX Venture symbol: "MBR") is a
Canadian-based mining company focused on the exploration and
development of nickel mineral properties in the Philippines. MBMI
and its Philippine partners have an interest in nine nickel
laterite projects in the Philippines, covering an area greater than
22,000 hectares. MBMI's objective is to become a major supplier of
high-grade nickel products to primary industrial consumers in
Asia.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael T. Mason, President and Director
This news release may contain forward-looking information
including but not limited to comments regarding the timing and
content of upcoming financings, work programs, geological
interpretations, receipt of property titles, potential mineral
recovery processes, etc. Forward-looking information includes
disclosure regarding possible future events, or conditions or
results of operations that is based on assumptions about future
economic conditions and courses of action, and therefore, involves
inherent risks and uncertainties. Although management has a
reasonable basis for the conclusions drawn, actual results may
differ materially from those currently anticipated in such
statements.
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.
Contacts: MBMI Resources Inc. Investor Relations Toll Free:
1-877-399-1991 or 604-683-1991 604-683-8544 (FAX)
mbr@mbmiresources.com www.mbmiresources.com
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