Nebu Resources Inc.

Nebu Resources Inc.

December 29, 2009 11:50 ET

Mr. Duane Parnham to Become Chairman of the Board of Directors/Mr. Jacob Willoughby to Join the Board of Directors/Arranged $650,000 Flow-Through Financing

TORONTO, ONTARIO--(Marketwire - Dec. 29, 2009) - Nebu Resources Inc. (TSX VENTURE:NBU) is pleased to announce that Mr. Duane Parnham and Mr. Jacob Willoughby have agreed to join the Board of Directors of the Company, with Mr. Parnham taking on the responsibilities of Chairman of Board.

Mr. Parnham is currently President, CEO and a Director of Forsys Metals Corp (TSX:FSY) as well as Chairman of Universal Power Corp. (TSX VENTURE:UNX). As the founding member and Executive Director of Forsys Metals, he successfully negotiated the acquisition of the Valencia Uranium project and developed the project into one of the few fully permitted uranium mines in the world today. As Chairman of Universal Power, Mr. Parnham successfully acquired a package of prolific oil exploration concessions located offshore Namibia. He has a record of success in geological and environmental consultation, corporate development and regulatory compliance for publicly listed companies and in corporate finance to the junior mining industry. Over the past 3 years, Mr. Parnham has assisted in raising in excess of $100 million CDN for the companies in which he holds a Directors position.

Mr. Willoughby is based in Toronto as an independent business consultant to resources companies. Most recently he was employed as a partner and analyst at Paradigm Capital, a full service broker-dealer based in Toronto where he worked for 5 years focused on mining companies. Mr. Willoughby helped to establish the mining research platform at Paradigm Capital that currently has active research coverage on over 50 mining companies from around the globe. While at Paradigm, Jacob developed a substantial network of mining company executives as well as institutional equity fund managers in North America, Europe and Australia. He has an honours degree in Geology and an MBA, both from the University of Windsor.

Brian Murray, CEO, commented: "we are very excited that Mr. Parham and Mr. Willoughby are joining the Board of Nebu, as this adds tremendous experience in fundraising and general management in addition to corporate governance. We as a management group are confident that their addition to the Board will ensure we continue to successfully develop our exciting gold exploration properties in Ontario, particularly in the west Timmins area and that the Company's story will be well communicated."

In order to allow Mr. Parnham and Mr. Willoughby to join the Board, Cal Bruner and Roger Peacock have agreed to step down. Mr. Bruner and Mr. Peacock have been with the Company since its inception and the Company thanks them for their services.

In addition, Nebu also announces that it will complete a non-brokered financing of up to 2,166,666 units for a total of $650,000. Each unit will be comprised of one flow through common share at $0.30 and one warrant entitling the holder to acquire an additional share at $ 0.50 for two years. The proceeds of this financing will be used to continue exploration on the Company's exploration projects in West Timmins and also on its Burntbush project in north-eastern Ontario.

This financing is being primarily subscribed for by the new directors and officers of the Company.

Further, the Company announces that it is issuing a total of 750,000 options to the new directors at $0.33 for a term of five years.

About Nebu Resources Inc:

Nebu is a junior exploration company now focused on gold exploration projects in Ontario. It also has an interest in several gold properties in the west Timmins area, and also in the Burntbush area of Ontario. The Company has been carrying out a drilling program on its north Denton property in the west Timmins area and to date has completed 27 drill holes. At this time, results have been reported on the first 8 holes (see press releases dated November 12, and November 30, 2009. Results are expected in early January from additional holes. Nebu currently has 47,975,283 common shares issued and outstanding.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Nebu Resources Inc.
    Brian Murray
    President and CEO
    (416) 985-7810
    Nebu Resources Inc.
    John V. Hickey
    CFO/Investor Relations
    (416) 903-6649
    Clark Kent
    (647) 519-2646
    Contact Financial
    Keir Reynolds
    (604) 689-7422