Minaean Announces Termination of Private Placement with Phadnis Infrastructure Ltd.
Vancouver, BC, Canada – July 13, 2012 – Minaean International Corp. (TSX-V: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) announces that it will not be proceeding with the private placement with Phadnis Infrastructure Ltd. (“Phadnis”) at this time. As described in news releases dated November 25, 2012, February 21, 2012 and March 19, 2012, Phadnis had agreed to subscribe for 6.5 million shares and 5,569,500 subscription receipts, at a price of $.10 per share or subscription receipt. To date, Phadnis has not advanced the subscription funds for the private placement for reasons unrelated to the Company.
Minaean International Corp. manufactures rapid, efficient building systems using light-gauge steel. The Company operates through its two wholly owned subsidiaries, Minaean Habitat (India) Pvt. Ltd in India and Minaean Building Structures Inc. in North America.
The application of the modular building concept has been expanded to produce and install Bus Queue Shelters, ATM Modular Buildings, Modular Toilets and Public Washrooms, office blocks and bunkhouses for campsites. 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.
Through its “Artisan Quik-Build” system, Minaean has conducted engineering and constructed buildings up to 7 stories high in Oregon, USA.
Shares of Minaean International Corporation 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