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Message: Increases Private Placement Unit Offering
| January 16, 2009 |
| MBMI Increases Private Placement Unit Offering |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 16, 2009) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) is pleased to report that further to its December 10, 2008 news release, the non-brokered Private Placement financing has been oversubscribed and gross proceeds will now be increased from $250,000 up to $400,000. Up to a total of 8 million Units at a price of $0.05 per Unit will be issued in accordance with this financing of which 3,968,000 Units have previously been issued (see January 05, 2009 news release). 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 will be subject to a four month hold and subject to regulatory approval. Finders' fees may be payable in accordance with the policies of the TSX Venture Exchange. The net proceeds 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 |
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