Mirabela Nickel Limited - Completion Of Retail Entitlement Offer

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

PERTH, Australia, June 5, 2012 /CNW/ - Mirabela Nickel Ltd (TSX: MNB, ASX: MBN) ("Mirabela" or the "Company") advises that the retail component of its recently announced accelerated non-renounceable entitlement offer ("Retail Entitlement Offer") closed on 4 June 2012.

Eligible retail shareholders under the Retail Entitlement Offer have subscribed for 13,691,530 new shares, or approximately A$4.1 million. The shortfall under the Retail Entitlement Offer is 54,325,542 shares, or approximately A$16.3 million.

The directors may, subject to the requirements of the Listing Rules and the Corporations Act and in consultation with Macquarie Capital (Australia) Limited, place the remaining shortfall shares within the next two months.  If placed, these shares will be issued at a price not less than the issue price of the new shares under the Retail Entitlement Offer being $0.30 per share. Commitments for approximately A$8.2 million of the shortfall have been received to date.

The allotment of the new shares under the Retail Entitlement Offer is expected to occur on 12 June 2012 and trading in the new shares is expected to commence on 13 June 2012.

Important information and disclaimer
This announcement has been prepared by Mirabela Nickel Limited (ABN 23 108 161 593) (Mirabela). No party other than Mirabela has authorised or caused the issue, lodgement, submission, despatch or provision of this announcement, or takes responsibility for, or makes or purports to make any statements, representations or undertakings in this announcement.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or in any other jurisdiction in which such an offer would be illegal. The New Shares have not been, and will not be, registered under the Securities Act or under the securities laws of any state or other jurisdiction of the United States. Accordingly, the New Shares may not be offered or sold to persons in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

IMPORTANT NOTICE TO NOMINEES: Because of legal restrictions, you must not send copies of this announcement or any material relating to the Entitlement Offer to any of your clients (or any other person) in the United States, and on whose behalf you are the registered owner of shares. Failure to comply with these restrictions may result in violations of applicable securities laws.

SOURCE Mirabela Nickel Ltd.