| | | December 05, 2007
MBMI Closes $9.528 Million Financing
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| | Vancouver, B.C., December 05 2007. MBMI RESOURCES INC. (MBR: TSX-V) ("MBMI") (the "Company") reports that further to its November 27, 2007 news release, it has closed a non-brokered Private Placement financing of 8,285,218 Units at $1.15 per Unit for gross proceeds of $9,528,000. Each Unit will consist of one Common Share and one Common Share Purchase Warrant. Each full Warrant will entitle the holder to purchase one Common Share for a period of 2 years at a price of $1.40. The Common Shares are subject to a four month hold which expires on March 29th 2008. Finders' fees of $560,000 and 417,383 broker warrants are to be paid to Meridian Capital International; $48,300 and 36,000 broker warrants are to be paid to Bolder Investment Partners Ltd in connection with this financing. The Broker warrants have the same terms as the placees. The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI's Philippine subsidiaries have been issued three small scale mine operating (SSMO) permits for the Alpha nickel laterite project by the government of the Philippines. The SSMO's allow the shipment of up to 50,000 dry metric tonnes of material per year for a two year period from each 20 hectare permitted area. To date, in excess of 70,000 wet metric tonnes of mineralized material has been excavated and transported to the stock yard where it is being prepared for shipment. It should be noted that the Company has not yet established a mineral resource in accordance with CIM classifications pursuant to NI-43-101 that would support a commercial mining operation. The Philippine government has not yet granted full mineral tenement rights to the properties and the Company and its subsidiaries only have the right to carry out small scale mining operations in accordance with the government regulations and not the right to commence full scale commercial production.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael T. Mason"
President and Director
For further information:
David G. Tafel -- VP Corporate Development, Director
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 not reviewed and does not take responsibility for the accuracy of this release.
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. |
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