| ||July 28, 2004|
$300,000 Private Placement Financing Arranged
| ||MBMI RESOURCES INC. (MBR-TSXV) "MBMI" has arranged a non-brokered Private Placement financing of up to 2,000,000 Units at $0.10 per Unit for gross proceeds of $200,000, and 833,333 Flow-through Units at $0.12 per Unit for gross proceeds of $100,000. |
Each Unit will consist of one Common Share and one Common Share Purchase Warrant entitling the holder to purchase one Common Share for a period of 12 months after closing at a price of $0.12. Each Flow-through Unit will consist of one Flow-through Common Share and one Common Share Purchase Warrant entitling the holder to purchase one Common Share for a period of 12 months after the Closing Date at a price of $0.15.
The net proceeds shall be used for exploration on the Company's mineral properties, and for general corporate purposes. The Company will apply the Flow-through funds exclusively for exploration programs on mineral projects in Canada that will qualify as "Canadian Exploration Expense". Finders' fees will be paid in connection with this financing. Shares issued will be subject to a 4-month hold period, and will be subject to regulatory approval.
MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. The Company holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince property in Sudbury, Ontario; and the McMillan gold mine property in Espanola, Ontario. In addition MBMI has signed an agreement in principal pertaining to three nickel properties in the Philippines.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, contact:
David G. Tafel - VP Corporate Development
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