| | | January 16, 2009
MBMI Increases Private Placement Unit Offering
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| | Vancouver, B.C., January 16, 2009 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that further to its December 10, 2008 news release, the non-brokered Private Placement financing has been oversubscribed and gross proceeds will now be increased from $250,000 up to $400,000. Up to a total of 8 million Units at a price of $0.05 per Unit will be issued in accordance with this financing of which 3,968,000 Units have previously been issued (see January 05, 2009 news release). Each Unit consists of one Common Share and one full Common Share Purchase Warrant. Each full Warrant entitles the holder to purchase one Common Share at a price of $0.10 and has an expiry period of two years. The Common Shares will be subject to a four month hold and subject to regulatory approval. Finders' fees may be payable in accordance with the policies of the TSX Venture Exchange.
The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.
Corporate Profile
MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. MBMI and its Philippine partners have an interest in nine nickel laterite projects in the Philippines, covering an area greater than 22,000 hectares. MBMI's objective is to become a major supplier of high-grade nickel products to primary industrial consumers in Asia.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael T. Mason"
President and Director
Further Information
For further information relating to the Company or this release, please refer to the Company's website at www.mbmiresources.com or contact Investor Relations at 1-877-399-1991 or mbr@mbmiresources.com.
The TSX Venture Exchange has not reviewed and does not take responsibility for the accuracy of this release.
This news release may contain forward-looking information including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. At this time the Company has not yet established a NI 43-101 compliant mineral resources or mineral reserves that would support a commercial mining operation. |
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| | You can view the Next News Releases item: Tue Jan 27, 2009, MBMI Closes Final Tranche Of Private Placement
You can view the Previous News Releases item: Mon Jan 5, 2009, MBMI Closes First And Second Tranche Of Private Placement
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