MBMI Closes $600,000 Loan Financing
26 October 2010 - 2:10AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
reports that further to its October 13 news release, it has
received TSX Venture approval and now closed a secured one year
bridge loan for gross proceeds of $600,000. MBMI is issuing to the
Bridge Loan Lenders 600,000 common shares and has paid a
structuring fee of $12,000. Annual interest of 10% will be paid on
the loan.
The net proceeds of the financings shall be used for development
of the Company's Philippine nickel mineral properties, and for
general corporate purposes.
Corporate Profile
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
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 604-683-1991 or
Toll Free: 1-877-399-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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