MBMI Resources Inc.

MBMI Resources Inc.
GC-Global Capital Corp.

GC-Global Capital Corp.

August 04, 2009 12:12 ET

MBMI Completes $1,000,000 Loan Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 4, 2009) - MBMI Resources Inc. (TSX VENTURE:MBR) ("MBMI") and GC-Global Capital Corp. (TSX VENTURE:GDE.A) ("Global Capital") are pleased to announce that further to MBMI's news release of July 27, 2009, the first tranche of a $3,000,000 secured loan (the "Loan") has closed. Global Capital has advanced $1,000,000 to MBMI in the form of a secured two year convertible debenture (the "Debenture") for $500,000 and a secured two year bridge loan (the "Bridge Loan") for $500,000. The Loan bears interest at 10% per annum, compounded and payable monthly.

The principal amount of the Debenture is convertible into units of MBMI at the option of Global Capital at a fixed conversion price of $0.10 per unit. The units are comprised of a common share and one common share purchase warrant. One warrant will entitle the holder to purchase one common share of MBMI at a price of $0.13 per share for a period of 2 years from closing.

As additional consideration for providing the Bridge Loan, Global Capital was issued 1,600,000 common shares of MBMI at a deemed price of $0.0625 and paid a $10,000 structuring fee pursuant to the debenture. Finder's Fees of $70,000 were paid to a third party.

The net proceeds of the Loan shall be used for exploration and development of MBMI's Philippine nickel mineral properties, and for general corporate purposes.

"The Global Capital team recently returned from visiting the MBMI nickel operations in the Philippines and were very impressed with the company and their management team. We are pleased to be able to provide financing to MBMI," said Global Capital's C.E.O., Jason Ewart. He added, "MBMI has invested significant funds into infrastructure and development of their nickel projects over the last few years and these funds will enable the restart of nickel material shipping operations."

Closing of the Debenture portion of the Loan is subject to a number of conditions including final approval of the TSX Venture Exchange. The Debenture and the common shares issued pursuant to the Bridge Loan will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.

MBMI and Global Capital intend to close a second tranche under this loan agreement, which will see Global Capital advance up to an additional $2,000,000 on the same terms and conditions as set out above, with the issuance of up to 3,200,000 common shares of MBMI as additional consideration to Global Capital, subject to the approval of the TSX Venture Exchange.

About MBMI Resources Inc.

MBMI Resources Inc. (TSX VENTURE:MBR) is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. MBMI and its Philippine partners have an interest in nine nickel laterite projects in the Philippines, covering an area greater than 22,000 hectares. MBMI's objective is to become a major supplier of high-grade nickel products to primary industrial consumers in Asia.

About Global Capital

Global Capital is a merchant bank, which provides bridge loan services (asset back/collateralized financing), to companies across many industries such as oil & gas, mining, real estate, manufacturing, retail, financial services, technology and biotechnology.


Michael T. Mason, President and Director

This news release may contain forward-looking information including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not take responsibility for the accuracy of this release.

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