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Monday, September 21, 2009
MBMI Closes $200,000 Loan Agreement
Vancouver, B.C.,
September 21, 2009 - MBMI RESOURCES INC. ("MBMI" or the
"Company") (TSX V: MBR) is pleased to announce that further to its news release of
September 3, 2009, it has closed the third and final tranche of a secured
loan. Gross
proceeds of $200,000 have been advanced to MBMI in the form of a secured
two year convertible debenture for $100,000 and a secured two year bridge
loan for $100,000 (the "Loans"). The Loans bear interest at 10%
per annum, compounded and payable monthly.
The principal amount of the debenture is convertible into units of MBMI at
the option of the lenders at a fixed conversion price of $0.10 per unit.
The units will be comprised of a common share and one common share purchase
warrant. One warrant will entitle the holder to purchase one common share
of MBMI at a price of $0.13 per share for a period of 2 years from closing.
As additional consideration for providing the Loans, the lenders have been
issued 148,148 common shares of MBMI at a deemed price of $0.135, and paid
a $2,000 structuring fee pursuant to the Debenture. Finders' fees of
$20,000 have been paid.
The net proceeds of the Loans will be used for exploration and development
of MBMI's Philippine nickel mineral properties, and for general corporate
purposes.
The debenture and the common shares issued pursuant to the Loans are
subject to resale restrictions for a period of four months from the closing
date under applicable securities legislation.
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 & Director
Further Information
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 mbr@mbmiresources.com.
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 also view this News Release on our website
at:
http://www.mbmiresources.com/s/NewsReleases.asp?ReportID=364291
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