| | | January 06, 2004
MBMI Completes Two Financings For $717,000
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| | Further to its December 23/03 news release, MBMI Resources Inc. (MBR-TSXV) has now closed its non-brokered private placement for gross proceeds of $628,000. The placement consisted of a total of 3,140,000 Units at a price of $0.20. Each Unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at $0.25 for a period of one year. Finders fees of $54,000, 279,600 agents warrants (exercisable on the same terms as the share purchase warrants), and 10,000 Common Share Units were issued in connection with this placement. The securities issued related to this placement are subject to a four month hold period expiring May 07, 2004. The proceeds will be applied towards acquisitions, working capital, and general corporate purposes.
In addition, the Company has completed a "first tranche" closing of a non-brokered private placement for 445,000 flow-through Units at $0.20 per Unit for gross proceeds of $89,000. Each Unit consists of one flow-through common share and one-half common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at $0.25 for a period of one year. Finders' fees of $6,000, 50,400 agents warrants (exercisable on the same terms as the share purchase warrants), and 12,000 Common Share Units were issued in connection with this placement. The flow-through funds will be applied towards exploration activities on the Company's Ontario projects. The securities issued related to this placement are subject to a four month hold period expiring May 01, 2004. The Company now has 16,276,698 Common Shares outstanding.
MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. MBMI holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince nickel, copper 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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| | You can view the Next News Releases item: Fri Jan 16, 2004, MBMI Completes 2Nd Tranche Flow-Through Financing
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