Minaean Announces Closing of Private Placement
May 9, 2011
Vancouver, BC, Canada – Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) is pleased to announce that further to its news releases dated November 10, 2010, February 8, 2011, February 12, 2011 and February 14, 2011, it has received final TSX Venture Exchange acceptance with respect to the closing of its non-brokered private placement.
The Company issued 7,775,000 units at a price of $0.10 per unit for gross proceeds of $777,500. Each unit consists of one common share and one half share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.15 per share up to one year from the date of closing. These units are subject to a hold period expiring September 5, 2011. This closing is part of the Company's previously announced private placement of up to 17,000,000 units.
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, Director