| | | April 01, 2004
$805,000 Private Placement Financing Arranged
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| | MBMI RESOURCES INC. (MBR-TSXV) "MBMI" has arranged a non-brokered Private Placement financing of up to 2,300,000 Units at $.35 per Unit for gross proceeds of $805,000. Each Unit will consist of one Common Share and One Common Share Purchase Warrant. Each Common Share Purchase Warrant will entitle the holder to purchase one Common Share for a period of 18 months after the closing date at a price of $0.45 during the first six months, and $0.60 during the remaining 12 months . The net proceeds of the Common Shares shall be used for exploration and drilling purposes on the Company's mineral properties, and for general corporate purposes. Finders fees will be paid in connection with this financing. Shares issued will be subject to a 4-month hold period, and will be subject to regulatory approval.
MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. The Company has signed an agreement in principal pertaining to the Celestial Nickel laterite project in Palawan, Philippines, and holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince property in Sudbury, Ontario; and the McMillan gold mine property in Espanola, Ontario.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, contact:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991
Email: mbr@mbmiresources.com
Website: www.mbmiresources.com |
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