Deal funds development of Palawan, Philippine nickel mineral projects
By Devika Patel
Knoxville, Tenn., April 20 - MBMI Resources Inc. said it has canceled plans for the second tranche of a non-brokered private placement of units. The offering priced for C$3.8 million on March 1 and raised C$1.9 million in the first and only tranche on March 22.
The company sold 10,558,942 units at C$0.18 apiece in that tranche. In the second tranche, one investor had agreed to buy another 10,558,942 units for C$1.9 million.
Each unit consists 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.
As a result of this placement, Gwynneth Gold Ltd. became an insider and now holds about 12.7% of the company's outstanding shares.
Proceeds will be used for development of MBMI's Palawan, 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: | Units of one common share and one warrant
|
| Amount: | C$1,900,609
|
| Units: | 10,558,942
|
| Price: | C$0.18
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.25
|
| Agent: | Non-brokered
|
| Investor: | Gwynneth Gold Ltd.
|
| Pricing date: | March 1
|
| Downsized: | April 20
|
| Settlement date: | March 22
|
| Stock symbol: | TSX Venture: MBR
|
| Stock price: | C$0.18 at close March 1
|
| Market capitalization: | C$9.56 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
