Nebu Resources Inc.
TSX VENTURE : NBU

Nebu Resources Inc.

December 14, 2010 16:10 ET

Nebu Resources Inc. Closes Financing of $550,000

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2010) - Nebu Resources Inc. (TSX VENTURE:NBU) ("Nebu") is pleased to announce the closing of a non-brokered private placement of $550,000 (the "Offering"). Nebu issued 3,437,500 flow-through units (the "FT Units") at a price of $0.16 per FT Unit. Each flow-through unit is comprised of 1 common share and one half of one non-flow-through share purchase warrant, with each whole warrant having a term of 24 months, and an exercise price of $0.25 in year 1 and $0.30 in year 2. Nebu expects to close a second tranche of this financing next week by issuing an additional 5,687,500 FT Units.

A cash finder's fee of $33,000, representing 6% of the gross proceeds of the Offering, was paid by Nebu in connection with the Offering as well as the issuance by Nebu of a non-transferable option (the "Finder Option") to acquire 257,812 units of Nebu (the "Finder Units"). The Finder Option is exercisable into Finder Units for a period of 24 months following the closing of the Offering at an exercise price of $0.16 per Finder Unit. Each Finder Unit will consist of one common share of Nebu and one-half of one common share purchase warrant of Nebu, with each whole warrant having a term of 24 months, and an exercise price of $0.25 in year 1 and $0.30 in year 2.

The net proceeds from the Flow-Through Common Shares financing will be used to fund ongoing exploration activities on the Company's properties in the Timmins Gold Camp and on the Company's Burntbush Properties located on the western extension of the Casa-Berardi Deformation Zone ("CBDZ"). The gold deposits at the operating Les Mines Casa-Berardi gold mine are located within the CBDZ, approximately 30 km east of the Burntbush Project.

The securities issued pursuant to the Offering will be subject to a four month hold period from the date of closing of the Offering.

Nebu currently has 54,436,476 common shares issued and outstanding. www.neburesources.com.

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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