MBMI Announces $3.8 Million Private Placement
02 March 2011 - 11:09AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
reports that it has arranged a non-brokered Private Placement
financing for 21,117,884 Units priced at $0.18 per Unit for gross
proceeds of $3,801,219. Each Unit will consist of one common share
and one warrant. Each warrant will be exercisable for one common
share at $0.25 for a period of one year following the closing. In
the event that the common shares trade at a closing price of
greater than $0.50 per share for a period of 20 consecutive trading
days at any time after four months and one day from closing the
placement, the expiry date of the warrants may be accelerated to
the 30th day after which notice of such acceleration is given.
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. The placement is subject to
approval of the TSX Venture exchange.
MBMI is focused on the exploration and development of nickel
mineral properties and with its Philippine partners maintains 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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