MBMI Resources Inc.
TSX VENTURE : MBR

MBMI Resources Inc.

September 03, 2009 15:51 ET

MBMI To Close $1,800,000 Loan Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 3, 2009) - MBMI Resources Inc. (TSX VENTURE:MBR) ("MBMI") is pleased to announce that further to its news release of July 27, 2009, and August 4, 2009, it intends to close the second tranche of a secured loan. Up to $1,800,000 will be advanced to MBMI in the form of a secured two year convertible debenture for up to $900,000, and a secured two year bridge loan for up to $900,000 (the "Loans"). The Loans will bear interest at 10% per annum, compounded and payable monthly.

The principal amount of the debenture will be convertible into units of MBMI at the option of the lenders at a fixed conversion price of $0.10 per unit. The units will be 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 Loans, the lenders are to be issued up to 1,333,333 common shares of MBMI at a deemed price of $0.135, and paid up to an $18,000 structuring fee pursuant to the Debenture. Finder's fees will also be paid.

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

Completion of the Loans will be subject to final approval of the TSX Venture Exchange. The debenture and the common shares issued pursuant to the Loans will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.

MBMI Resources Inc. (TSX Venture symbol: "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.

ON BEHALF OF THE BOARD OF DIRECTORS

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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