| | | August 17, 2005
$500,000 Private Placement Financing Closed
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| | MBMI RESOURCES INC. (TSXV:MBR) "MBMI" reports that the private placement financing announced August 8, and August 11has now closed. The Company completed a non-brokered Private Placement financing of 2,500,000 Units at $0.20 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 whole Warrant entitles the holder to purchase one Common Share for a period of 2 years at a price of $0.30 during the first year and $0.50 in the second year. The securities issued are subject to a 4 month hold period. Finders' fees of $37,730 and 81,750 broker warrants have been paid.
The net proceeds shall be used for exploration and drilling on the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI has now secured an interest in eight Philippine nickel properties. The Company's primary 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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