| | | March 19, 2007
MBMI Closes $500,000 Private Placement
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| | March 19, 2007. MBMI RESOURCES INC. (MBR:TSXV) ("MBMI") ("the Company") announces that further to its news release of March 5, 2007, it has closed a second and final tranche of a Private Placement financing of 714,286 Units at $0.70 per Unit for gross proceeds of $500,000. Each Unit consists of one Common Share and one half (1/2) Common Share Purchase Warrant. Each full Warrant entitles the holder to purchase one Common Share until March 16, 2009 at a price of $0.90. Finders fees of $35,000, and 42,857 broker warrants having the same terms as the placees warrants have been paid to Meridian Capital International in connection with this placement. All Units issued are subject to a four month hold period expiring on July 17, 2007.
Total gross proceeds of $3,510,000 were raised through this financing which includes proceeds from the first tranche of $3,010,000 that was announced and closed March 5, 2007. The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI and its Philippine partners jointly control a 100% interest in eight nickel laterite projects in Palawan and Samar, Philippines covering an area of 22,000 hectares. The Company's objective is to become a major supplier of high-grade nickel products to the primary nickel consumers in Asia.
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
Forward Looking Statement
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from either of the Companies' expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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