| | | December 19, 2005
MBMI Closes 1,702,000 Share Private Placement
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| | MBMI RESOURCES INC. (MBR:TSXV) "MBMI" wishes to report that further to its news release of December 2, 2005, it has closed the first tranche of a non-brokered Private Placement financing of 1,702,000 Units at $0.40 per Unit for gross proceeds of $680,800. Each Unit will consist of one Common Share and one half (1/2) 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 $0.45. The warrants have an accelerated exercise provision such that, after expiry of the hold period, if the 20 day weighted average trading price of the Company's common shares for any 20 consecutive trading days is greater than $0.90, then the Company may provide notice that the warrants will expire 30 days following such notice. The securities issued are subject to a four month hold period which expires April 13, 2006.
The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI has an interest in four Philippine nickel properties in the province of Palawan and is finalizing the acquisition of four additional nickel projects in Samar province, Philippines. The Company's objective is to become a supplier of high-grade nickel material 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
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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| | You can view the Next News Releases item: Mon Dec 19, 2005, Drilling Program Testing Geophysical Targets on High Grade Gold Zone Commences at McMillan Gold Mine Property
You can view the Previous News Releases item: Tue Dec 13, 2005, MBMI Identifies High Grade Nickel Zone
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