| | | April 20, 2011
MBMI Updates Financing and Announces Appointment of Director
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| | Vancouver, B.C., April 20, 2011 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX-V: MBR) reports that further to the news releases of March 1, 2011 and March 22, 2011, the second tranche of the non-brokered private placement financing for gross proceeds of $1,900,609 in consideration of the issuance of 10,558,942 units at a price of $0.18 per unit has been rescinded.
As a result of this rescindment the non-brokered private placement is now closed.
The Company also announces that is has appointed Mr. Joseph Chan to the Company's Board of Directors.
Mr. Chan currently holds the position of Executive Director at Harmony Asset Limited, a Toronto Stock Exchange and Hong Kong listed (TSX: HAR) (HKEX: 428) investment company offering extensive exposure to China. Mr. Chan has over 30 years of accounting and management experience and obtained his MBA from Heriot-Watt University, Edinburgh Business School, Scotland. Mr. Chan is an associate member of The Institute of Chartered Accountants in England and Wales, a Fellow member of the Hong Kong Institute of Certified Public Accountants, the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, as well as a member of the Certified General Accounts' Association of Canada.
Mr. Chan's appointment is subject to regulatory acceptance.
Company Profile
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 604-683-1991 or 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. The Company has not yet established commercial viability, via a feasibility study, on any estimated mineralized resources that would support a commercial mining operation or demonstrate the economic viability of any of its properties. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. 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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