08:23:09 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Nevada Clean Magnesium Inc
Symbol NVM
Shares Issued 152,511,450
Close 2016-10-26 C$ 0.035
Market Cap C$ 5,337,901
Recent Sedar Documents

Nevada Clean receives $177,000 civil claim notice

2016-10-26 15:09 ET - News Release

Mr. Edward Lee reports

NEVADA CLEAN MAGNESIUM RECIEVES NOTICE OF CIVIL CLAIM

Nevada Clean Magnesium Inc. has received notice of a civil claim filed at the B.C. Supreme Court from a former officer of the company.

In response to the claim, the company has established a special committee with the mandate to review all aspects of the claim and to make recommendations to the board as a whole. The notice of claim amounts to approximately $177,000 for professional fees. The company will be aggressively defending the matter based on the facts at issue in the best interests of the company and its shareholders.

The company has also engaged litigation counsel from an independent law firm to defend the claim, as may be necessary.

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-per-cent-owned Tami-Mosi property in north-central Nevada. Based on the company's National Instrument 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 per cent magnesium for a contained metal content of 111 billion pounds of magnesium, using a 12-per-cent cut-off grade contained within a high-purity dolomite block.

The technical portion of this press release was prepared under the supervision and review of James Sever, PEng, chief operating officer for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument 43-101 standards.

We seek Safe Harbor.

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