| | | November 05, 2010
MBMI Closes $1.05 Million First Tranche Financing
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| | Vancouver, B.C., November 05, 2010 - MBMI RESOURCES INC. ("MBMI" or the "Company") (MBR:TSXV) reports that further to its news release of October 26 2010, the Company has closed the first tranche of its non-brokered Private Placement financing for 5,886,666 Units priced at $0.18 per Unit for gross proceeds of $1,059,600 million. Each Unit consists of one common share and one half warrant. Each whole warrant will be exercisable for one common share at $0.25 for a period of two years following the closing. The securities issued are subject to a four month hold period expiring in March 2011. Finders' fees of $93,960 and 329,600 broker warrants exercisable at $0.25 for two years have been paid.
The net proceeds of this financing shall be used for the development of MBMI's Palawan, Philippine nickel mineral properties and for general corporate purposes.
MBMI is focused on the exploration and development of nickel mineral properties and with its Philippine partners has executed a Financial or Technical Assistance Agreement ("FTAA") with the Philippine government with respect to the Alpha, Bethlehem and Rio Tuba properties. The FTAA will allow MBMI and its Philippine Partners to progress toward development of full-scale operational programs at each property. 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 CEO
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 604-683-1991or 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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