| | | December 02, 2005
MBMI Arranges $1 Million Private Placement
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| | MBMI RESOURCES INC. (TSXV:MBR) "MBMI" wishes to report that it has arranged a non-brokered Private Placement financing of up to 2,500,000 Units at $0.40 per Unit for gross proceeds of $1,000,000. 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. Finders' fees will be paid in connection with this financing. The Private Placement is subject to regulatory approval.
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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