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Press Release - Minaean International Corp. (MIB-TSX-VX) |
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The Indian GDP is forecasted to grow at 7.2% this year followed by 8% plus over the next few years creating a huge investment potential. Minaean’s pioneering efforts in the introduction of “Artisan Quik Build System” (AQBS) and “Modular Building Systems” has created a unique brand equity for the company in India. These systems are ideal for Health, Education and Energy sectors and the usage will grow with time... - Mervyn Pinto (Interview published May 28, 2010) |
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MINAEAN INTERNATIONAL CORP.
FOR IMMEDIATE RELEASE
Contact: Investor Relations Phone (604) 684-2181
Minaean Announces Update on Private Placement
Vancouver, BC, Canada – February 8th, 2011 – Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) is pleased to provide an update on the private placement, announced on November 10, 2010, to issue up to 10 million Units of the Company at a price of $0.10 per Unit. Each Unit will consist of one common share and one-half of one share purchase warrant of the Company. Each whole common share purchase warrant will entitle the holder to purchase one common share at a price of $0.15 per share for a period of one year. The Company intends to file this week with the TSX Venture Exchange for approval of closing of the first tranche of the private placement.
The Company has the right to force the exercise of the warrants at anytime if the shares trade at $0.20 or higher over a 20 consecutive day period between the closing of the private placement and the warrant expiry date.
Finders’ fees of 7% will be payable on a portion of the private placement.
The proceeds from the private placement will be used for working capital purposes.
The Company is also pleased to announce that it is in the process of negotiating a financial arrangement with a third party for implementation of the Ghana project as announced in the Company’s news release dated December 16, 2010. Management of the Company along with the representatives of the third party are currently planning a visit to Ghana during early March 2011 for further due diligence in this regard.
About Minaean
Minaean Habitat (India) Pvt. Ltd., a wholly owned subsidiary of Minaean, is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries and disaster-stricken areas, in addition to a range of conventional applications. It offers a wide range of applications and has a manufacturing facility in Mumbai with a full fledged design and engineering team comprising 85 employees.
The application of the modular building concept has been expanded to include the manufacture and installation of Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. Moreover, the company now sees itself as the leading manufacturer of such modular units within the Indian market.
The shares of Minaean International Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol "MIB" and on the Berlin and Frankfurt Stock Exchanges under the symbol "NJA". For more information, please visit www.minaean.com.
On behalf of the Board of Directors
MINAEAN INTERNATIONAL CORP.
“Hari Varshney”
Hari Varshney, Director
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