By Devika Patel
Knoxville, Tenn., July 27 - MBMI Resources Inc. said it has amended the terms of a C$1.5 million secured two-year 10% convertible debenture placement. The deal priced with a C$1.5 million two-year bridge loan on May 25.
The debenture will now be convertible into units for C$0.10 per unit.
These units comprise a common share and one warrant. Each warrant will be exercisable for one common share at a price of C$0.13 for two years from the date of conversion.
MBMI also will issue up to 4.8 million common shares to the bridge loan lenders at closing.
The proceeds of the financings will be used for exploration and development of the company's Philippine nickel mineral properties and for general corporate purposes.
MBMI Resources is a Vancouver, B.C.-based mining company focused on the exploration and development of nickel mineral properties.
| Issuer: | MBMI Resources Inc.
|
| Issue: | Convertible debenture, bridge loan
|
| Amount: | Up to C$3 million
|
| Pricing date: | May 25
|
| Amended: | July 27
|
| Stock symbol: | TSX Venture: MBR
|
| Stock price: | C$0.08 at close May 25
|
| Market capitalization: | C$6.49 million
|
|
|
| Debenture
|
| Issue: | Debenture convertible into units of one common share and one warrant
|
| Amount: | Up to C$1.5 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Conversion price: | C$0.10 per unit
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.13
|
|
|
| Loan
|
| Issue: | Bridge loan
|
| Amount: | Up to C$1.5 million
|
| Maturity: | Two years
|
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