MBMI Arranges $600,000 Loan Financing
October 13 2010 - 3:30PM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
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.
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
Further Information
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.
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.
Contacts: MBMI Resources Inc. Investor Relations 604-683-1991 or
1-877-399-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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