Nevada Clean Magnesium Closes Third And Final Tranche Of Financing
VANCOUVER, BRITISH COLUMBIA - (Accesswire) - August 30, 2013 - Nevada Clean Magnesium Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) ("NevadaCMI" or the "Company") today announced that further to its news release dated December 17, 2012, the Company has closed the third and final portion of its Non-Brokered Private Placement for gross proceeds of $91,300 comprising of 9,130,000 units ("the Unit") at a price of $0.01 per Unit.
Each Unit is comprised of one common share in the capital of the Company (a "Share") plus a three year share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.05 in the first year and $0.10 in the second and third year at any time up to 5:00 PM PT from the closing date. All of the securities issued pursuant to this private placement will have a hold period expiring four months and one day after the closing date.
The proceeds of this Private Placement will be used for:
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|Audit and Accounting Fees | |$7,500 | |
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|Finder’s Fee | |$400 | |
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|Trust Agent, News Releases, Printing| |$15,000| |
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|Rent/Office Services and Consulting | |$15,000| |
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|Legal Fees | |$9,500 | |
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|General Working Capital | |$12,900| |
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|TSX Filing Fees | |$7,000 | |
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|BLM US Property Fees | |$24,000| |
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|Total | | |$91,300|
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The Company paid finder's fees in the amount of $400 in cash.
As announced December 17th, 2012, the Company raised funds by way of a Non-Brokered Private Placement, of up to $311,550 through the issuance of up to 31,155,000 units ("Units") at a price of $0.01. With the financing now closed, aggregate proceeds totaled $236,300.
The Company's Board of Directors approved this Private Placement. 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 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 late 2011, the Tami-Mosi Project has an inferred estimated 111 billion pounds of primary magnesium contained within a high purity dolomite block within the Project site covering over 1600 acres. For more information, please visit www.nevadacmi.com.
Forward Looking Statements
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. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Nevada Clean Magnesium Inc., including, but not limited to, risks associated with mineral exploration and mining activities, the impact of general economic conditions, industry conditions, depending upon regulatory approvals, and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the TSX-Venture Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission. We seek safe harbor.
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