By Devika Patel
Knoxville, Tenn., Feb. 1 - MBMI Resources Inc. said it has arranged a C$5 million non-brokered private placement of units.
The company will sell 25 million units of one common share and one warrant at C$0.20 per unit. The warrants are each exercisable at C$0.30 for three years.
Proceeds will be used for exploration and development of MBMI'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.
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Issue: | Units of one common share and one warrant
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Amount: | C$5 million
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Units: | 25 million
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.30
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Agent: | Non-brokered
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Pricing date: | Feb. 1
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Stock symbol: | TSX Venture: MBR
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Stock price: | C$0.22 at close Jan. 29
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Market capitalization: | C$18.3 million
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