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TORONTO, ONTARIO--(Marketwire - Dec. 24, 2010) - Nebu Resources Inc. (TSX VENTURE:NBU) ("Nebu") is pleased to announce the closing of the second tranche of a non-brokered private placement of $910,000 (the "Offering"), which together with the first 0tranche of the Offering totals $1,460,000 gross proceeds to Nebu. As part of the second tranche closing, Nebu issued 5,687,500 flow-through units (the "FT Units") at a price of $0.16 per FT Unit. Each flow-through unit is comprised of 1 common share and one half of one non-flow-through share purchase warrant, with each whole warrant having a term of 24 months, and an exercise price of $0.25 in year 1 and $0.30 in year 2.


Cash finder's fees of $54,600, representing 6% of the gross proceeds of the Offering, were paid by Nebu in connection with the Offering as well as the issuance by Nebu of non-transferable options (the "Finder Options") to acquire 426,562 units of Nebu (the "Finder Units"). The Finder Options are exercisable into Finder Units for a period of 24 months following the closing of the Offering at an exercise price of $0.16 per Finder Unit. Each Finder Unit will consist of one common share of Nebu and one-half of one common share purchase warrant of Nebu, with each whole warrant having a term of 24 months, and an exercise price of $0.25 in year 1 and $0.30 in year 2.


The net proceeds from the Flow-Through Common Shares financing will be used to fund ongoing exploration activities on the Company's properties in the Timmins Gold Camp and on the Company's Burntbush Properties located on the western extension of the Casa-Berardi Deformation Zone ("CBDZ").


The securities issued pursuant to the Offering will be subject to a four month hold period from the date of closing of the Offering.


Nebu currently has 60,123,976 common shares issued and outstanding. >www.neburesources.com