| | | January 29, 2010
MBMI Arranges $5,000,000 Private Placement
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| | Vancouver, B.C., January 29, 2010 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) reports that it has arranged a non-brokered private placement financing of 25,000,000 Units at $0.20 per Unit for gross proceeds of $5,000,000. 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 $0.30 and has an expiry period of three years. All common shares issued will be subject to a four month hold period, and are subject to TSX Venture Exchange approval.
The net proceeds shall be used for exploration and development of MBMI's Philippine nickel mineral properties, and for general corporate purposes.
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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