MBMI Resources Inc.MBMI Resources Inc.
MBMI Resources Inc.
NewsNews Releases

Show printable version of 'Private Placement Financing Increased To $538,000' in a New Window
 February 22, 2005
Private Placement Financing Increased To $538,000

 MBMI RESOURCES INC. (TSXV:MBR) "MBMI" wishes to report that the Private Placement financing announced February 3, 2004 in the amount of $300,000 has been oversubscribed, and the Company is proceeding to complete a non-brokered Private Placement financing of 5,380,000 Units at $0.10 per Unit for gross proceeds of $538,000. Each Unit will consist 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. The Private Placement is subject to regulatory approval and Finders' fees will be paid in connection with this financing.

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.

You can view the Next News Releases item: Thu Feb 24, 2005, Private Placement Financing Increased To $570,000

You can view the Previous News Releases item: Fri Feb 4, 2005, $300,000 Private Placement Financing Arranged

You can return to the main News Releases page, or press the Back button on your browser.

Adnet Communications Inc.