Deal proceeds fund development of Philippine nickel mineral projects
By Devika Patel
Knoxville, Tenn., March 1 - MBMI Resources Inc. said it plans a non-brokered private placement of units. The offering is expected to raise C$3.8 million.
The company will sell 21,117,884 units at C$0.18 apiece. Each unit will consist of one common share and one warrant, with each warrant exercisable at C$0.25 for one year. The strike price is a 42.86% premium to the Feb. 28 closing share price of C$0.175.
Proceeds will be used for the development of MBMI's Palawan, Philippines, 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: | Units of one common share and one warrant
|
| Amount: | C$3,801,219
|
| Units: | 21,117,884
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | March 1
|
| Stock symbol: | TSX Venture: MBR
|
| Stock price: | C$0.18 at close March 1
|
| Market capitalization: | C$21.51 million
|
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