Nevada Clean Magnesium Closes Third and Final Tranche of Non-Brokered Private Placement
05/07/2015 01:57 PM ET
May 07, 2015 (ACCESSWIRE via COMTEX News Network) -- VANCOUVER, BC / ACCESSWIRE / May 7, 2015 / Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company") is pleased to announce that it has closed the third and final tranche of its non-brokered private placement previously announced on November 7, 2014, for gross proceeds of $67,000.00 comprised of 1,340,000 units (the "Unit") at a price of $0.05 per Unit.
The accumulated total from the three tranches collectively raised an oversubscribed aggregate of $239,500 which issued a total of 4,790,000 Units.
The Offering
Each Unit consists of one common share in the capital of Nevada Clean Magnesium (the "Common Shares") and one Common Share purchase warrant (the "Warrants"). Each Warrant will be exercisable into one Common Share for a period of three years at a price of $0.05/share during the first two years of the exercise period and $0.10/share during the third year of the exercise period.
The proceeds of the Offering will be used for general working capital, and accounts payables, including legal and transfer agent fees. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. The Company will apply the proceeds of the Offering to the above uses in priority and in such proportions as management of the Company determines is in the best interests of the Company.
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 such securities.
The placement is subject to final approval from the TSX-Venture Exchange.
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% owned Tami-Mosi property located in North Central Nevada. Based on the Company's NI 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% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. For more information, please visit www.nevadacmi.com.
This news release was reviewed by James Sever, P. Eng. a qualified person recognized under NI 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information include our potential to receive further subscriptions and our intended use of proceeds. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. We may not receive additional subscriptions and we may determine that other needs must be paid rather than those we currrently consider priorities. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect projected results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
To Reach Nevada Clean Magnesium
Please Contact: Edward Lee, at 604-210-9862
SOURCE: Nevada Clean Magnesium, Inc.
https://www.accesswire.com/img.ashx?id=428655
Copyright 2015 ACCESSWIRE