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Message: MBMI Closes Final Tranche of Private Placement
| January 27, 2009 |
| MBMI Closes Final Tranche of Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 27, 2009) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that further to its December 10, 2008 and January 16, 2009 news releases, it has closed the third and final tranche of the non-brokered Private Placement financing. The Company has received gross proceeds of $389,100 in consideration of the issuance of 7,782,000 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 issued in the first two tranches are subject to a four month hold period expiring in April 2009, and the common shares issued in connection with the third tranche are subject to a hold period which expires in May 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 $4,862 have been paid in connection with this financing. Corporate Profile 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 |
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