Mar. 1, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that it has arranged a non-brokered Private Placement financing for 21,117,884 Units priced at $0.18 per Unit for gross proceeds of $3,801,219. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable for one common share at $0.25 for a period of one year following the closing. In the event that the common shares trade at a closing price of greater than $0.50 per share for a period of 20 consecutive trading days at any time after four months and one day from closing the placement, the expiry date of the warrants may be accelerated to the 30th
day after which notice of such acceleration is given.
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. The placement 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
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.
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.
MBMI Resources Inc.
604-683-1991 or 1-877-399-1991