Nevada Clean Magnesium Closes First Tranche
Added February 14th, 2013 – Vancouver, British Columbia
Nevada Clean Magnesium Inc. (TSX.V-NVM; Frankfurt-M1V; Pink Sheets-MLYFF) (“Nevada CMI” or the “Company”) announces that further to its news release dated December 17, 2012, the Company has closed the first portion of its Non-Brokered Private Placement for gross proceeds of $52,000 comprising of 5,200,000 units (the Unit”) at a price of $0.01 per Unit.
Each Unit is comprised of one common share in the capital of the Company (a “Share”) plus a three year share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one common share at a price of $0.05 in the first year and $0.10 in the second and third year at any time up to 5:00 pm (Vancouver time) on February 14, 2016. All of the securities issued pursuant to this private placement will have a hold period expiring four months and one day after the closing date.
The proceeds of this Private Placement will be used to pay amounts owing:
|General Working Capital||$13,248|
|TSX Filing fee||$292|
The Company paid finder’s fees in the amount of $800 in cash.
As announced December 17th, 2012, the Company is continuing to raise by way of a Non-Brokered Private Placement, up to $311,550 through the issuance of up to 31,155,000 units (“Units”) at a price of $0.01 per Unit as per the TSX Venture Exchange Bulletin dated December 12, 2012 regarding Private Placements
The Company’s Board of Directors has approved this Private Placement.
About Nevada Clean Magnesium Inc.
NevadaCMI is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.
On Behalf of Management