23:57:33 EDT Fri 19 Apr 2024
Enter Symbol
or Name
USA
CA



Nevada Clean Magnesium Inc
Symbol NVM
Shares Issued 169,062,248
Close 2017-08-10 C$ 0.045
Market Cap C$ 7,607,801
Recent Sedar Documents

Nevada Clean arranges $75,000 offering of units

2017-08-10 17:19 ET - News Release

Mr. Edward Lee reports

NEVADA CLEAN MAGNESIUM ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Nevada Clean Magnesium Inc. intends to raise up to $75,000 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 for gross proceeds of up to $75,000. The offering is not subject to any minimum aggregate 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 to an acceleration clause such that at any time in the third, fourth or fifth years following the closing date, the issuer has the right, on 30 days written notice, to require a warrantholder to exercise the warrants, so long as the closing trading price of the issuer's common shares on the issuer's principal trading market exceeds 6.25 cents per share for at least 10 consecutive trading days at any time prior to the date of the call notice. The warrants will terminate on the date that is 30 days from the date of the call notice in the event that the warrantholder has not exercised the warrants in accordance with the terms of the call notice by such date.

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 payment of any commission and fees remain subject to the receipt of all necessary approvals, including the approval of the TSX Venture 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 located 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.

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