| ||July 16, 2009|
MBMI Closes Final Tranche Of Private Placement
| ||Vancouver, B.C., July 16, 2009 --MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that further to its June 20, and July 09, 2009 news releases, it has closed the second and final tranche of the non-brokered Private Placement financing.|
The Company has received gross proceeds of $843,285 in consideration of the issuance of 11,243,815 Units at a price of $0.075 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 issued in the first tranche are subject to a four month hold period expiring in September, 2009, and the common shares issued in connection with the second tranche are subject to a hold period which expires in October, 2009.
The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes. Finders' fees of $13,335 have been paid in connection with the second tranche of this financing.
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
"David G. Tafel"
V.P. Corporate Development 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 firstname.lastname@example.org.
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. 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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