Minaean Announces Brokered Private Placement of Units
Vancouver, British Columbia CANADA, April 24, 2008 /FSC/ - Minaean International Corp. (MIB - TSX Venture), is pleased to announce a combined brokered and non-brokered private placement to raise gross proceeds of up to $2,000,000 with the brokered portion to be led by First Canadian Capital Markets Ltd. (the "Finder").
Pursuant to the financing, Minaean will issue up to 7,272,727 units of the Company (the "Units") at a price of $0.275 per Unit. Each Unit will consist of one common share and three-quarters of one share purchase warrant of the Company. Each whole share purchase warrant will entitle the holder to purchase one common share at a price of $0.45 for a period of two years from the date of closing.
Of the Units above, 400,000 units will be carried out on a non-brokered basis bearing the same terms.
The Finder will be paid a finder's fee of 7.5% of the gross proceeds raised, payable in cash, and broker warrants equal to 8% of the aggregate number of Units sold. Each broker warrant will entitle the Finder to acquire one Unit at an exercise price of $0.275 for a period of two years from the closing date.
A finder's fee of 7.5% will be paid in cash on the non-brokered portion of the private placement.
The proceeds from the private placement will be used to fund the Company's operations in India and North America and for working capital purposes.
The private placement is subject to regulatory approval.
About Minaean
Minaean International Corp. is an innovator of rapid, efficient building systems using cold formed steel technologies. Currently, Minaean has four systems: the 'Vesta Quik-Build' (patent under process), 'Artisan Quik-Build', 'Modular Quik-Build' and 'Artisan Composite System'.
Minaean provides an all encompassing in-house design, engineering, prefabrication, supply and installation of modular buildings and light gauge steel load bearing wall panels with flooring systems capable of being assembled, delivered and installed within 7 to 10 days. 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.
Shares of Minaean International Corporation (parent company) is 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.
" Mervyn Pinto "
Mervyn Pinto
President & Director
Suite 1304-925 West Georgia St.
Vancouver, BC Canada
V6C 3L2
Phone (604) 684-2181
Fax (604) 682-4768
e-mail: investors@minaean.com
website: www.minaean.com
Source: Minaean International Corp. (MIB - TSX-V)
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