RICHMOND HILL, ONTARIO--(Marketwire - April 4, 2012) - MBMI RESOURCES INC. (the "Company") (TSX VENTURE:MBR.V - News) announces a proposed consolidation of the Company's common shares (the "Common Shares") on a ten (10) to one (1) basis, whereby one (1) new Common Share would be issued for every ten (10) pre- consolidation Common Shares issued and outstanding, or such lesser number of Common Shares as may be determined by the Board of Directors of the Company and as may be required to obtain approval of the share consolidation from the TSX Venture Exchange. The Company believes that the completion of a share consolidation would facilitate future financings by the Company, as these may be accomplished through the issuance of additional Common Shares. The Company currently has 181,657,658 Common Shares outstanding. If the share consolidation is completed on a ten (10) to one (1) basis, the Company would have approximately 18,165,765 Common Shares outstanding, post-consolidation. The proposed share consolidation is subject to the approval of the Company's shareholders and regulatory authorities, including the TSX Venture Exchange.
A special meeting of the shareholders of the Company has been scheduled for Wednesday, May 2, 2012 (the "Meeting"), to consider, and if deemed advisable, to approve the share consolidation, among other things. The Company has not proposed a change of its corporate name in conjunction with the share consolidation.
Further information regarding the share consolidation and other matters to be acted upon at the Meeting may be found in the Company's management information circular dated April 4, 2012, which is accessible on SEDAR at www.sedar.com.
For further information relating to the Company or this release, please refer to the Company's website at www.mbmiresources.com.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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.