| | | February 24, 2005
Private Placement Financing Increased To $570,000
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| | MBMI RESOURCES INC. (TSXV:MBR) "MBMI" wishes to report that the Private Placement financing announced February 3, and Feb 22, 2004 has been oversubscribed, and the Company is proceeding to complete a non-brokered Private Placement financing of 5,700,000 Units at $0.10 per Unit for gross proceeds of $570,000. 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 $0.15 during the first year and $0.20 in the second year. The Private Placement is subject to regulatory approval and Finders' fees will be paid in connection with this financing.
The net proceeds shall be used for exploration on the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI maintains a major interest in three nickel properties in the Philippines, and also holds the rights to three Canadian projects; the McMillan gold mine property in Espanola, Ontario, the Copper Prince Cu-Ni-Au/PGM property in Sudbury, Ontario, and the Squall Lake, Manitoba gold project.
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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