(TheNewswire)
VANCOUVER, BRITISH COLUMBIA / TheNewswire / December
8, 2016 – Nevada Clean Magnesium, Inc. (TSXV: NVM;
Frankfurt-M1V; OTC Pink Sheets: MLYFF) (The “Company”) today announced that the TSX Venture Exchange has granted a
30-day extension for the 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 annum, and any accrued but unpaid
interest, will mature on the date that is one (1) year following the Closing Date (the “Maturity Date”). Each Convertible
Note will be convertible into common shares (each, a “Share”) of the Company at a price of $0.05 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) $0.05 and (ii) the
Market Price (as defined in the policies of the TSX Venture Exchange (the “Exchange”)) on the date of a conversion
notice.
In connection with the private placement, the Company may, subject to regulatory acceptance, pay a finder's fee
to certain arm's-length parties on the proceeds raised.
The securities issued will be subject to a 4 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 placement and payment of any commission and fees remains
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, 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.
The technical portion of this press release was prepared under the supervision and review of James Sever, P.
Eng., and COO for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument
43-101 standards.
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 Statement
Statements in this news release that are not historical facts are forward-looking statements that
are subject to risks and uncertainties. Forward‐looking statements in this
news release include that we will conduct and close a private placement and that we can become a a major U.S. producer and
distributor of primary, high grade, low cost magnesium metal. Actual results may differ materially from those currently anticipated
due to a number of factors, including the Company’s dolomite reserves may not be mined because of technical, regulatory, financing
or other obstacles, the market price for magnesium may make our resources uneconomic, we may not be able hire and retain skilled
employees, and other risks associated with being a mineral exploration and development company. We may not be able to close with
interested investors on our intended private placement because of perceived risks or market conditions. The Company undertakes no
obligation to update forward‐looking information except as required by law. The
reader is cautioned not to place undue reliance on forward‐looking statements.
These forward-looking statements are made as of the date of this news release.
To Reach Nevada Clean Magnesium Please Contact:
Edward Lee, CEO at (604) 210-9862
For additional information please visit our website at http://www.nevadacmi.com or view our profile at
http://www.sedar.com.
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