| ||March 18, 2010|
MBMI Closes Private Placement
| ||Vancouver, B.C., March 18, 2010 --MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) reports that further to its January 29, 2010 news release, it has closed the first two tranches of its non-brokered Private Placement financing.|
The Company has received gross proceeds of $589,000 in consideration of the issuance of 2,945,000 Units at a price of $0.20 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 $0.30 and has an expiry period of three years. The Common Shares are subject to four month hold periods expiring in June and July, 2010.
The net proceeds of this financing shall be used for the exploration and development of MBMI's Philippine nickel mineral properties and for general corporate purposes. Total finders' fees of $24,780 have been paid in connection with 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.
You can view the Next News Releases item: Mon Apr 12, 2010, MBMI Arranges $2,000,000 Private Placement
You can view the Previous News Releases item: Fri Jan 29, 2010, MBMI Arranges $5,000,000 Private Placement
You can return to the main News Releases page, or press the Back button on your browser.