Nevada Clean Magnesium Closes Non-Brokered Private Placement

2019-05-13 / @thenewswire

(TheNewswire)

VANCOUVER, BRITISH COLUMBIA / TheNewswire / May 13, 2019 – Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTCQB: MLYFF) (the “Company”) today announced that it has closed it non-brokered private placement for gross proceeds of $1,735,750.75 comprised of 34,715,000 Units (the “Unit”) at a price of $0.05 per Unit.

In connection with this financing the Company will pay finder’s fees of $115,248 cash and 304,550 shares.

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. Proceeds from the Offering will be used for working capital.

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 TSX Venture Exchange.

The Offering

The Offering is not subject to any minimum aggregate subscription. Each Unit will consist 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 two years at a price of $0.08/share. The Warrants are subject to an acceleration clause which gives the Company the right, on thirty (30) days’ written notice (the “Call Notice”), to require a Holder to exercise the Warrants, so long as the closing trading price of the Company’s common shares exceeds $0.10 per share for at least ten (10) consecutive trading days at any time prior to the date of the Call Notice. The Warrants will terminate on the date that is thirty (30) days from the date of the Call Notice in the event that the Holder has not exercised the Warrants in accordance with the terms of the Call Notice by such date.

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

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:

John Ulmer at (778) 994-6453

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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