MBMI Closes $1,314,000 Private Placement
23 April 2010 - 8:02AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
reports that further to its April 12, 2010 news release, it has
closed the non-brokered Private Placement financing and the Company
has received gross proceeds of $1,314,000 in consideration of the
issuance of 6,570,000 Units at a price of $0.20 per Unit.
Each Unit consists of one Common Share and one full Common Share
Purchase Warrant. Each full Warrant entitles the holder to purchase
one Common Share at a price of $0.30 and has an expiry period of
three years. The Common Shares are subject to four month hold
periods expiring in August, 2010.
The net proceeds of this financing shall be used for the
exploration and development of MBMI's Philippine nickel mineral
properties and for general corporate purposes. Total finders' fees
of $83,230 and 448,000 broker warrants having the same terms as the
investors have been paid in connection with this financing.
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 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 1-877-399-1991
or 604-683-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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