| | | June 30, 2009
MBMI Increases Unit Offering And Closes First Tranche Of Private Placement
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| | Vancouver, B.C., June 30, 2009 --MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that further to its May 25, 2009 news release, the non-brokered Private Placement financing has been oversubscribed and gross proceeds will now be increased from $525,000 up to $750,000. Up to a total of 10 million Units at a price of $0.075 per Unit will be issued in accordance with this financing.
The Company also reports that it has closed the first tranche of this non-brokered Private Placement financing. The Company has received gross proceeds of $372,248 in consideration of the issuance of 4,963,318 Units at a price of $0.075 per Unit. 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 for a two year period. The Common Shares are subject to a four month hold which expires on September 28, 2009. Finders' fees of $8,750 cash and 60,000 broker warrants (having the same terms as the participants) have been paid.
The net proceeds of the financings 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or 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. |
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