21:56:27 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Nevada Clean Magnesium Inc
Symbol NVM
Shares Issued 143,651,450
Close 2014-07-14 C$ 0.055
Market Cap C$ 7,900,830
Recent Sedar Documents

Nevada Clean receives conditional OK for ScanMag JV

2014-07-15 12:58 ET - News Release

Mr. Edward Lee reports

NEVADA CLEAN MAGNESIUM AND SCANMAG AS JOINT VENTURE AGREEMENT APPROVED BY TSX VENTURE EXCHANGE

The TSX Venture Exchange has conditionally approved Nevada Clean Magnesium Inc.'s joint venture agreement with ScanMag AS, a Norway-based industrial minerals company. The joint venture partnership provides for the companies to collaborate on and mutually benefit from the development of Nevada Clean's respective high-quality dolomite deposits to produce magnesium metal for the North American and European industrial markets.

Upon ScanMag remitting the remainder (less deposit) of the $5-million (U.S.) to Nevada Clean on or before Oct. 14, 2014, ScanMag will be granted a 40-per-cent interest in Nevada Clean's Tami-Mosi magnesium project and will be issued a 19-per-cent equity stake in the company. In addition, Nevada Clean will be granted a 7-per-cent equity stake in ScanMag.

As previously announced, both companies are actively engaged in greenfield projects involving the development of high-quality deposits of dolomite, the key mineral used in the production of magnesium. ScanMag, which is jointly owned by Normin Mine AS and Meloy Naeringsutvikling AS, is focused on developing its significant dolomite deposit located in the Granasen field, not far from Glomfjord in Nordland county, Norway; and Nevada Clean is concentrating on developing its dolomite assets on its Tami-Mosi property in north-central Nevada. Recognizing that their respective project development plans share a series of commonalities and defined production methodologies, the companies have determined that there is a significant benefit to establishing a joint venture that will allow them to eliminate potential redundancies, identify and avoid potential pitfalls, and share and capitalize on technical knowledge gained from the advancement of each project.

Edward Lee, chairman and chief executive officer of Nevada Clean, noted: "With all regulatory issues now dealt with, we are very pleased to be moving forward with ScanMag and expect that this is simply the beginning of what will prove to be a highly productive and profitable association. We expect ScanMag to complete its obligations in early fall, 2014, thus we can proceed with development of both our projects."

The joint venture partnership with ScanMag remains conditional on ScanMag financing its obligations under the joint venture agreement.

About ScanMag AS

ScanMag AS is an industrial minerals company headquartered in Glomfjord, a village in the municipality of Meloy, just north of the Arctic Circle on Norway's west coast. The company was jointly formed by Normin Mine AS and Meloy Naeringsutvikling AS in 2012 to develop a large deposit of high-quality dolomite, situated in the Granasen field outside Mosjoen, near Glomfjord, and comprises both dolomite and brucite. Meloy Naeringsutvikling AS is jointly owned by the Municipality of Meloy in Nordland county; Yara Norway ASA (a subsidiary of one of the world's leading chemical company); Sparebank 1 Nord-Norge (a banking group that has served North Norway since 1836); and DNB Bank (Norway's largest financial services group). These companies have teamed to capitalize on northern Norway's wealth of environmental resources to create new jobs, expand industrial infrastructure and promote global trade.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.