| | | March 03, 2011
MBMI Announces $925,000 Loan Exchange For Convertible Debenture
|
| | Vancouver, B.C., March 03, 2011 - MBMI RESOURCES INC. ("MBMI" or the "Company") (MBR:TSXV) reports that it has arranged to exchange outstanding Promissory Notes amounting to $925,000 for 10% Secured Convertible Debentures. The Promissory Notes currently held by the lenders (pursuant to July 31, 2009 and October 20, 2010 agreements) are to be exchanged for the Debentures which will be convertible at the option of the Lenders for a period of eighteen months at $0.20 per common share. Four months following closing, MBMI can force conversion of the Debentures into common shares if the shares trade above $0.28 per share on a 10 day volume weighted average basis. The transaction is subject to approval of the TSX Venture exchange.
MBMI is focused on the exploration and development of nickel mineral properties and with its Philippine partners maintains 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. |
| |
| | You can view the Next News Releases item: Tue Mar 22, 2011, MBMI Closes First Tranche of $3.8 Million Private Placement
You can view the Previous News Releases item: Tue Mar 1, 2011, MBMI Announces $3.8 Million Private Placement
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
