| | | March 03, 2005
$570,000 Private Placement Financing Completed
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| | MBMI RESOURCES INC. (TSXV:MBR) "MBMI" further to its news release of February 25, 2005 has closed a non-brokered Private Placement financing of 5,700,000 Units at $0.10 per Unit for gross proceeds of $570,000. Each Unit consists of one Common Share and one half (1/2) Common Share Purchase Warrant. Each whole Warrant will entitle the holder to purchase one Common Share for a period of 2 years at a price of $0.15 during the first year and $0.20 in the second year. Finders' fees of $28,500 and 80,000 broker warrants were paid. All securities issued are subject to a four month hold period expiring July 2, 2005.
The net proceeds shall be used for exploration on the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI maintains a major interest in three nickel properties in the Philippines, and also holds the rights to three Canadian projects; the McMillan gold mine property in Espanola, Ontario, the Copper Prince Cu-Ni-Au/PGM property in Sudbury, Ontario, and the Squall Lake, Manitoba gold project.
For further information:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991; Fax: 604-683-8544; Toll free: 1-877-399-1991
Email: mbr@mbmiresources.com
Website: www.mbmiresources.com
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. |
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