| ||October 13, 2010|
MBMI Arranges $600,000 Loan Financing
| ||Vancouver, B.C., October 13, 2010 - MBMI RESOURCES INC. ("MBMI" or the "Company") (MBR: TSX-V) reports that it has executed a Term Sheet pertaining to a secured one (1) year bridge loan for gross proceeds of $600,000. |
MBMI will issue to the Bridge Loan Lenders up to 600,000 common shares and pay annual interest of 10% as well as a structuring fee of 2% on closing.
Closing of the financing is subject to completion of due diligence by the Lender, execution of definitive Loan documents and TSX-Venture exchange and other regulatory approvals as may be required. The net proceeds of the financings 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 604-683-1991, 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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