Tickers: PINX:MLYFF, XTSX:NVM
Vancouver, British Columbia - TheNewswire - May 7, 2018 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTCQB:MLYFF) (the "Company") today announced that it has closed its non-brokered private placement (the "Offering") previously announced April 20, 2018 for gross proceeds of $155,000 comprising 3,100,000 Units (the "Unit") at a price of $0.05 per Unit.
The Offering is for Units of the Company at a price of $0.05 per Unit and gross proceeds $155,000. Each Unit will consist of one common share in the capital of Nevada Clean Magnesium (the "Common Shares") and one Common Share Purchase Warrant (the "Warrant"). Each Warrant will be exercisable into one Common Share for a period of two years at a price of $0.07/share.
The securities issued in connection with the Offering will be subject to a hold period expiring four months and one day from the date of issuance of the securities. No finders fees were paid in connection with this financing. Proceeds from the Offering will be used for working capital.
The Offering is subject to TSX Venture Exchange final acceptance.
About Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium is focused on becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium metal extracted from its 100% owned Tami-Mosi property located in North Central Nevada. Based on the Company's NI 43-101 Preliminary Economic Assessment Report published in September 2011 and amended in July 2014, the Tami-Mosi Project has an inferred resource of 412 million tonnes with an average grade of 12.3% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. For more information, please visit www.nevadacmi.com.
The technical portion of this press release was prepared under the supervision and review of James Sever, P. Eng., COO for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument 43-101 standards.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include that we will conduct and close a private placement and that we can become a a major U.S. producer and distributor of primary, high grade, low cost magnesium metal. Actual results may differ materially from those currently anticipated due to a number of factors, including the Company's dolomite reserves may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic, we may not be able hire and retain skilled employees, and other risks associated with being a mineral exploration and development company. We may not be able to close with interested investors on our intended private placement because of perceived risks or market conditions. The Company undertakes no obligation to update forward-looking information except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release.
To Reach Nevada Clean Magnesium Please Contact:
Edward Lee, CEO at (604) 210-9862
Copyright (c) 2018 TheNewswire - All rights reserved.