| ||June 08, 2006|
MBMI Completes $2,566,000 Private Placement
| ||MBMI RESOURCES INC. (MBR:TSVX) "MBMI" wishes to report further to its May 08, 2006 news release, that it has closed a non-brokered Private Placement financing of 2,566,000 Units at $1.00 per Unit for gross proceeds of $2,566,000. Each Unit consists of one Common Share and one half (1/2) Common Share Purchase Warrant. Each full Warrant will entitle the holder to purchase one Common Share for a period of 2 years at a price of $1.50. Finders' fees of $203,680 were paid, and 183,100 broker warrants (having the same terms as the private placement warrants) were issued in connection with this financing. 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
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
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