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HPC Market Watch
RICHMOND HILL, ONTARIO -- (Marketwire) -- 07/31/12 -- MBMI RESOURCES INC. (TSX VENTURE: MBR) (the "Company") announces that John Wong, Sam Kwan, Joseph Chan, NING Yat Hoi, Christopher Aiello and Anthony Ho have been elected to its Board of Directors at the 2012 Annual and Special Meeting of its shareholders held on July 30, 2012 (the "Meeting"). John Cook had been a director of the Company up to the date of the Meeting. Mr. Cook declined to stand for re-election at the Meeting and his term as director of the Company ended on the date of the Meeting. At the meeting, a motion was made to elect Anthony Ho as a new director of the Company. Mr. Ho was appointed as a director by shareholders at the meeting.
At the Meeting, MNP LLP was appointed as auditor of the Company (replacing Grant Thornton LLP, the predecessor auditor). In addition, the stock option plan of the Company, with amendments as disclosed in the management information circular for the Meeting, was approved by shareholders at the Meeting. A copy of the stock option plan is included in the management information circular for the Meeting, which has been filed on SEDAR and is accessible at www.sedar.com.
Proposed Private Placement
The Company announces a proposed private placement of up to 8,750,000 common share units (the "Units") at a price of $0.08 per unit for gross proceeds of up to $700,000. The Units are comprised of one common share of the Company and one warrant, each warrant being exercisable to acquire one common share of the Company at a price of $0.10 per share for two years after issuance.
In connection with the private placement, the Company may pay to finders a commission of up to 5% of the gross proceeds from the sale of Units placed by finders, payable in common shares of the Company, and a number broker warrants ("Broker Warrants") equal to 5% of the number of Units placed by finders. Each Broker Warrant will be exercisable for one Common Share for a period of 2 years at an exercise price of $0.10 per share.
For further information relating to the Company or this release, please refer to the Company's website at www.mbmiresources.com.
Cautionary Statement:
The foregoing information may contain forward-looking statements relating to the future performance of MBMI Resources Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MBMI Resources Inc. does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
MBMI Resources Inc.
John Wong
President and CEO
905-886-3888
mbmi@mail.com
www.mbmiresources.com
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