Mirabela Launches Equity Capital Raising

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION 
IN THE UNITED STATES/ 
PERTH, Australia, May 15, 2012 /CNW/ - Mirabela Nickel Ltd (TSX: MNB, ASX: 
MBN)("Mirabela" or the "Company") has today launched an Offer to raise up to 
approximately A$120m through a Strategic Placement to Resource Capital Fund V 
L.P. ("RCFV") and an accelerated pro-rata non-renounceable entitlement offer 
(together the "Offer"). 
The Offer will consist of: 


    --  A Strategic Placement to RCFV to raise approximately A$20
        million at a fixed price of A$0.40 per share ("Strategic
        Placement"), a premium of approximately 18% to the last close
        on the ASX on Monday, 14 May 2012 of A$0.34; and
    --  8 for 13 accelerated pro-rata non-renounceable entitlement
        offer to all eligible shareholders to raise up to approximately
        A$100 million at a fixed price of A$0.30 (C$0.30(2)) ("Offer
        Price") per new share ("Entitlement Offer").

RCFV has committed to subscribe for its pro-rata entitlements (post the 
Strategic Placement) under the Entitlement Offer. In addition, RCFV has 
committed to subscribe for further shares in the event of a shortfall of 
subscriptions by existing shareholders up to a maximum total investment of 
US$40 million under both the Strategic Placement and Entitlement Offer.

The funds raised under the Offer will be used to strengthen Mirabela's balance 
sheet, for general working capital purposes and to increase the company's 
financial flexibility. The Offer Price represents an 11.8% discount to the 
closing price of the Company's shares on the ASX on 14 May 2012 and an 8.6% 
discount to TERP(1).

Shares issued under the Offer will rank equally with existing shares in 
Mirabela. Entitlements not taken up in the institutional component of the 
Entitlement Offer will be placed to institutional investors by way of an 
institutional bookbuild at the same price as the Entitlement Offer.

Completion of the Offer is subject to receipt of conditional listing approval 
from the TSX. In Canada, the Offer will only be open to shareholders that are 
accredited investors as defined under NI 45-106 in Canada. The Retail 
Entitlement Offer will not be open to residents of Canada.

Macquarie Capital (Australia) Limited is acting as Sole Lead Manager and 
Global Bookrunner to the Offer.

______________________________________

  1. The theoretical market price for shares in Mirabela immediately
     following the Offer assuming the Entitlement Offer is fully
     subscribed and all shares are placed, based on the closing price
     of a share in Mirabela on 14 May 2012, and including the Strategic


 Placement.
  2. At an AUD/CAD exchange rate of 1.00 as at 14 May 2012 
The key dates for the Entitlement        
Offer are: 
Launch of Entitlement Offer             Tuesday, 15 May 2012 
Institutional Offer and Bookbuild       Tuesday, 15 May 2012 
Settlement of Strategic Placement       Thursday, 17 May 2012
to RCFV 
Entitlement Offer Record Date           7.00pm (AEST) on Friday, 18 May 
                                    2012 
Retail Offer Opening Date               Monday, 21 May 2012 
Institutional Entitlement Offer         Monday, 28 May 2012
Settlement Date  
Shares Commence Trading                 Tuesday, 29 May 2012
(Institutional Offer) 
Retail Entitlement Offer Closing        Monday, 4 June  2012
Date 
Retail Entitlement Offer                Friday, 8 June 2012
Settlement Date 
Shares Commence Trading (Retail         Wednesday, 13 June 2012
Offer) 
Despatch of Holding Statements to       Friday, 15 June 2012
Retail Shareholders 
This timetable is indicative only and may change, subject to the requirements 
of the ASX Listing Rules and the Corporations Act 2001 (Cth). Mirabela 
reserves the right to change these dates without prior notice. All references 
to time are to Australian Eastern Standard Time (AEST). 
About Resource Capital Fund Management LLC ("RCF")
RCF is a mining focused investment advisor mandated to make investments 
exclusively in the mining sector. RCF was established in 1998 with offices in 
Denver, New York, Perth and Toronto. 
RCF engage in an extensive due diligence process and look to invest only in 
companies of high quality with good assets that create sustainable long term 
value for all stakeholders. With strong technical and commercial expertise RCF 
play a proactive role in the strategic development and direction of businesses 
in which they invest. 
RCF have a well qualified, experienced investment team of 29 professionals 
whom have held positions on more than 40 mining company boards. 
For more information please see www.resourcecapitalfunds.com 
Shareholder Enquiries 
Eligible retail shareholders will be sent further details about the 
Entitlement Offer via a retail offer booklet expected to be lodged with ASX on 
21 May 2012 and despatched on the same date.
Retail shareholders who have questions relating to the Entitlement Offer 
should call the Mirabela offer information line on +618 9389 8033 Monday to 
Friday before 5 June 2012 or go to the Mirabela website (www.mirabela.com.au). 
Further information in relation to the matters described in this announcement 
including important notices, key risks and key assumptions is set out in an 
investor presentation released today to the ASX by Mirabela. The information 
in the Important Notices section of that presentation applies to this 
announcement as if set out in full in this announcement. 
Hardy Bowen is Mirabela's legal adviser in relation to the Entitlement Offer. 
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. 
Macquarie Capital (Australia) Limited (ABN 70 123 199 548) (Macquarie) and its 
related bodies corporate, directors, employees, servants and agents 
(Affiliates) make no representation or warranty, expressed or implied, as to 
the accuracy or completeness of this announcement or any statement contained 
in it. Except for any liability which cannot be excluded by law, Macquarie and 
its Affiliates expressly disclaim and accept no responsibility or liability 
(including liability for negligence) for any expenses, losses, damages or 
costs incurred as a result of participation in the Offer or the information in 
this announcement being inaccurate or due to information being omitted from 
this announcement. Macquarie and its Affiliates make no recommendation as to 
whether you or your related entities or persons should participate in the 
Offer nor do any of them make any representations or warranties to you 
concerning the Offer or in relation to securities in the Company. 
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.   
Bill Bent VP Business Development Mirabela Nickel Limited Telephone: +61 433 
790 070 billb@mirabela.com.au  Ian Purdy Managing Director and Chief Executive 
Officer Mirabela Nickel Limited Telephone: +61 8 9324 1177 
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CO: Mirabela Nickel Ltd.
NI: MNG NEWSTK  
-0- May/15/2012 12:09 GMT