| ||January 16, 2007|
MBMI Closes $5.97 Million Private Placement
| ||January 16, 2007. MBMI RESOURCES INC. (MBR:TSXV) ("MBMI") ("the Company") reports that further to its news releases of December 15 and 27, 2006, it has closed its (first tranche) Private Placement financing of 8,357,142 Units at $0.70 per Unit for gross proceeds of $5,850,000. Each Unit consists of one Common Share and one half (1/2) Common Share Purchase Warrant. Each full Warrant entitles the holder to purchase one Common Share for a period of 2 years at a price of $0.90. Finders fees of $409,500, and 501,429 broker warrants having the same terms as the placees warrants have been paid to Meridian Capital International in connection with this placement. All Units issued are subject to a four month hold period expiring on May 13, 2007.|
The Company has also closed a (second tranche) of the Private Placement financing of 185,142 Units at $.70 for gross proceeds of $129,600. Each Unit consists of one Common Share and one half (1/2) Common Share Purchase Warrant. Each full Warrant entitles the holder to purchase one Common Share for a period of 2 years at a price of $0.90. Finders fees of $9,072, and 1,680 broker warrants having the same terms as the placees have been paid in connection with this portion of the Placement. All Units issued are subject to a four month hold period expiring on May 13, 2007.
The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI jointly controls four nickel laterite projects in Palawan, Philippines and four nickel projects in Samar, Philippines covering an area of 22,000 hectares. The Company's objective is to become a major supplier of high-grade nickel products to the primary nickel consumers in Asia.
For further information:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991; Fax: 604-683-8544; Toll free: 1-877-399-1991
Forward Looking Statement
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from either of the Companies' expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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