Mirabela announces equity raising update


    Ordinary shares outstanding: 309,686,375

    PERTH, Australia, Aug. 11 /CNW/ - Further to the Company's announcement
on 29 July of the planned placement of a total of 50 million shares at A$2.35
(or equivalent), Mirabela is pleased to provide the following update.
    The Australian component of the raising has been completed and the
Company issued 21.5 million ordinary shares on 5 August 2009 for gross
proceeds of A$50,525,000. The Australian placement was led by Argonaut
Securities Pty Ltd and Macquarie Capital Advisers Limited.
    Under the Canadian component of the placement, a final short form
prospectus qualifying a further 21.5 million shares at a price of C$2.10 was
filed with Canadian regulatory authorities. The Canadian offering is being
conducted by a syndicate of underwriters led by GMP Securities L.P. and
including BMO Capital Markets, Cormark Securities Inc., Dundee Securities
Corporation and Haywood Securities Inc. This component of the placement is
scheduled to close on August 13, 2009, subject to certain customary
    In addition, a further 7 million ordinary shares at a price of A$2.35
each have been placed by way of direct subscription agreements. Completion of
this component of the placement is subject to shareholder approval and final
approval of the Toronto Stock Exchange. The Company intends to call a general
meeting of shareholders in the near future to approve the placement of these

    For and on behalf of the Board

    Nick Poll                            Craig Burton
    Managing Director                    Corporate Director

    Craig Burton recently completed an audio interview on Boardroom Radio at
the following link: http://www.brr.com.au/event/preview/rhxvlyh5nb/59292


    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in the United States or any other
jurisdiction outside of Canada, nor shall there be any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The Shares offered have not been, and will not be, registered under
the United States Securities Act of 1933, as amended (the "1933 Act"), or any
state securities laws and may not be offered or sold in the United States or
to U.S. persons absent registration or an applicable exemption from the
registration requirements of the 1933 Act and applicable state securities

For further information:

For further information: Australia contact: Nick Poll, Managing
Director, Telephone: +61 8 9324 1177, nickp@mirabela.com.au; Toronto contact
(media): Eric Tang, Porter Novelli, Telephone: (416) 422-7200,
eric.tang@porternovelli.com; Australia contact (media): Warrick Hazeldine,
Purple Communications, Telephone: +61 8 9485 1254,

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Mirabela Nickel Ltd.

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