02:06:21 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Nevada Clean Magnesium Inc
Symbol NVM
Shares Issued 179,868,508
Close 2018-05-08 C$ 0.035
Market Cap C$ 6,295,398
Recent Sedar Documents

Nevada Clean issues Lodestar 600K shares for services

2018-05-08 16:14 ET - News Release

Mr. Edward Lee reports

NEVADA CLEAN MAGNESIUM ISSUES SHARES FOR CORPORATE SERVICES AGREEMENT

Nevada Clean Magnesium Inc. has issued a total of 600,000 shares in relation to a service agreement with Lodestar Management Group LLC, a U.S. corporate logistics company, previously announced Jan. 4, 2017.

Under the terms of the one-year contract, the company agreed to compensate Lodestar in the amount of $2,500 per month by arrangement of issuance of shares. The number of shares issued was based on the last share price on the day of issuance that was not lower than the five-cent-per-share minimum requirement, and did not exceed $2,500 in value per month. A total of 550,000 shares were issued in October, 2017, and a total of 50,000 shares were issued in March, 2018. All shares were issued after the services were completed.

Lodestar provided advisory, consulting, negotiation and other management services relating to corporate management, administrative and/or operational activities of Nevada Moray Inc. (NMI), (a 100-per-cent-owned U.S. subsidiary of Nevada Clean Magnesium). The term of the contract with Lodestar was for a period of one year and commenced Nov. 1, 2016.

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.

We seek Safe Harbor.

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