MBMI Executes US$7 Million Pre-Advance Financing
30 November 2010 - 12:00AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
reports that it has concluded a Pre-Advance Payment agreement of up
to US$7 million to be utilized in advancing the Palawan nickel
projects to full-scale development. The Funding will be repaid
through proceeds of future nickel material deliveries to Japanese
nickel consumers who have arranged the financing at a negotiated
rate of the net sales value of nickel material shipments with
interest charged at Libor plus 2% annual rate.
The proceeds of this financing shall be used for the development
of MBMI's Palawan, Philippine nickel mineral properties.
MBMI is focused on the exploration and development of nickel
mineral properties and with its Philippine partners holds 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
Further Information
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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