Proceeds to fund Palawan, Philippines, properties, corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 14 - MBMI Resources Inc. said it settled the second tranche of a non-brokered private placement. The deal priced for C$3 million Oct. 26, and the first tranche settled for C$1.06 million on Nov. 5. The company raised C$124,200 in the second tranche.
The company is selling 16,666,666 units of one common share and one half-share warrant at C$0.18 apiece. It sold 5,886,666 units in the first tranche and 690,000 units in the second.
Each whole two-year warrant will be exercisable at C$0.25. The strike price reflects a 42.86% premium to the Oct. 25 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 half-share warrant
|
| Amount: | C$3 million
|
| Units: | 16,666,666
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Settlement dates: | Nov. 5 (for C$1,059,600), Dec. 14 (for C$124,200)
|
| Stock symbol: | TSX Venture: MBR
|
| Stock price: | C$0.17 at close Oct. 26
|
| Market capitalization: | C$20.91 million
|
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