January 05, 2009 MBMI Closes First And Second Tranche Of Private Placement
Vancouver, B.C., January 05, 2009 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) reports that further to its December 10, 2008 news release, it has closed the first and second tranche of the non-brokered Private Placement financing. The Company has received gross proceeds of $198,400 in consideration of the issuance of 3,968,000 Units at a price of $0.05 per Unit. Each Unit consists of one Common Share and one full Common Share Purchase Warrant. Each full Warrant entitles the holder to purchase one Common Share at a price of $0.10 and has an expiry period of two years. The Common Shares are subject to a four month hold which expires in April 2009.
The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. 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 Director
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 1-877-399-1991 or .
The TSX Venture Exchange has not reviewed and does not take responsibility for the 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. At this time the Company has not yet established a NI 43-101 compliant mineral resources or mineral reserves that would support a commercial mining operation.
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