MBMI Closes $1.05 Million First Tranche Financing
06 November 2010 - 7:15AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
reports that further to its news release of October 26 2010, the
Company has closed the first tranche of its non-brokered Private
Placement financing for 5,886,666 Units priced at $0.18 per Unit
for gross proceeds of $1,059,600 million. Each Unit consists of one
common share and one half warrant. Each whole warrant will be
exercisable for one common share at $0.25 for a period of two years
following the closing. The securities issued are subject to a four
month hold period expiring in March 2011. Finders' fees of $93,960
and 329,600 broker warrants exercisable at $0.25 for two years have
been paid.
The net proceeds of this financing shall be used for the
development of MBMI's Palawan, Philippine nickel mineral properties
and for general corporate purposes.
MBMI is focused on the exploration and development of nickel
mineral properties and with its Philippine partners has executed a
Financial or Technical Assistance Agreement ("FTAA") with the
Philippine government with respect to the Alpha, Bethlehem and Rio
Tuba properties. The FTAA will allow MBMI and its Philippine
Partners to progress toward development of full-scale operational
programs at each property. 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 CEO
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
1-877-399-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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