MBMI Closes $200,000 Loan Agreement
22 September 2009 - 8:09AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR) is
pleased to announce that further to its news release of September
3, 2009, it has closed the third and final tranche of a secured
loan. Gross proceeds of $200,000 have been advanced to MBMI in the
form of a secured two year convertible debenture for $100,000 and a
secured two year bridge loan for $100,000 (the "Loans"). The Loans
bear interest at 10% per annum, compounded and payable monthly.
The principal amount of the debenture is 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
have been issued 148,148 common shares of MBMI at a deemed price of
$0.135, and paid a $2,000 structuring fee pursuant to the
Debenture. Finders' fees of $20,000 have been 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.
The debenture and the common shares issued pursuant to the Loans
are subject to resale restrictions for a period of four months from
the closing date under applicable securities legislation.
MBMI Resources Inc. 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
David G. Tafel, V.P. Corporate Development & 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 1-877-399-1991
or 604-683-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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