04:00:47 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Nevada Clean Magnesium Inc
Symbol NVM
Shares Issued 152,511,450
Close 2017-02-10 C$ 0.05
Market Cap C$ 7,625,573
Recent Sedar Documents

Nevada Clean arranges $250,000 private placement

2017-02-10 19:44 ET - News Release

Mr. Edward Lee reports

NEVADA CLEAN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Nevada Clean Magnesium Inc. intends to raise up to $250,000 by way of a non-brokered private placement of units of the company at a price of five cents per unit. The offering is subject to TSX Venture Exchange final acceptance.

The offering

The maximum offering is five million units for gross proceeds of up to $250,000. The offering is not subject to any minimum total subscription. Each unit will consist of one common share in the capital of Nevada Clean Magnesium and one common share purchase warrant. Each warrant will be exercisable into one common share for a period of five years at a price of five cents per share. The warrants are subject an acceleration clause in years three, four and five so that the exercise period of the warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired term of the warrant (the premium trading days), the closing price of the listed shares exceeds the exercise price of the warrants by: (1) 25 per cent or more if the exercise price is 50 cents or less; (2) 20 per cent or more if the exercise price is between 51 cents and $2; and (3) 15 per cent or more if the exercise price is greater than $2 (and, for more certainty, the reduced exercise period of 30 days will begin no more than seven calendar days after the 10th premium trading day).

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. The completion of the private placement and the payment of any commission and fees remain subject to the receipt of all necessary approvals, including the approval of the exchange. Proceeds from the offering will be used for working capital.

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 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 cut-off grade of 12 per cent, 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 of Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of NI 43-101.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.