NVM release Nevada Clean extends note financing by 30 days
2017-01-26 13:17 ET - News Release
Mr. Edward Lee reports
NEVADA CLEAN MAGNESIUM EXTENDS CLOSING DATE FOR CONVERTIBLE NOTE FINANCING
The TSX Venture Exchange has granted a 30-day extension for Nevada Clean Magnesium Inc.'s non-brokered private placement of unsecured convertible notes.
About the financing
The principal amount of the convertible note will bear interest at 7.5 per cent per annum, and any accrued but unpaid interest will mature on the date that is one year following the closing date. Each convertible note will be convertible into common shares of the company at a price of five cents per share, and any accrued but unpaid interest thereon will be convertible into shares at the price per share which is the greater of: (i) five cents and (ii) the market price (as defined in the policies of the TSX Venture Exchange on the date of a conversion notice.
In connection with the private placement, the company may, subject to regulatory acceptance, pay finders' fees to certain arm's-length parties on the proceeds raised.
The securities issued will be subject to a four-month hold period from the date of issue of, as the case may be, the convertible notes or the shares. The completion of the private, and payment of any commission and fees, remain subject to the receipt of all necessary approvals, including the approval of the exchange.
Proceeds of the non-brokered private placement will be used for working capital.
About Nevada Clean Magnesium
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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