| | | August 11, 2005
Private Placement Financing Increased To $500,000
|
| | MBMI RESOURCES INC. (TSXV:MBR) "MBMI" reports that the private placement financing announced August 8, has been oversubscribed, and the Company is proceeding to complete a non-brokered Private Placement financing of up to 2,500,000 Units at $0.20 per Unit for gross proceeds of $500,000. Each Unit will consist of one Common Share and one half (1/2) Common Share Purchase Warrant. Each whole Warrant will entitle 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. 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 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. |
| |
| | You can view the Next News Releases item: Mon Aug 15, 2005, New, Large Geophysical Target Defined on McMillan Gold Mine Property
You can view the Previous News Releases item: Mon Aug 8, 2005, $400,000 Private Placement Financing Arranged
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
