Miner seeks loan

Canada’s MBMI Resources, Inc. is aiming to obtain the second tranche of its $3-million secured loan from a European bank to fund nickel exploration projects, the miner told the Canadian bourse late last week.

“Up to $1.8 million 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,” said MBMI Resources president Michael T. Mason. “The net proceeds of the loans [from Global Capital Corp.] will be used for exploration and development of MBMI’s Philippine nickel mineral properties, and for general corporate purposes,” he added. The principal amount in the second tranche will be convertible into shares of MBMI Resources at the option of the lenders at a fixed conversion price of $0.10 per unit. The lenders will also be issued up to 1.333 million common shares of MBMI Resources at $0.135 apiece. The miner is exploring four nickel properties in Palawan, four in Samar, and one in Dinagat island. MBMI Resources and its local partners control nickel laterite projects covering about 22,000 hectares. (Business World)

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