Nevada Clean closes $50,000 first tranche of placement

Jan 15, 2016

NEVADA CLEAN MAGNESIUM CLOSES FIRST TRANCHE OF CONVERTIBLE NOTE FINANCING

Nevada Clean Magnesium Inc. has closed the first tranche of the non-brokered private placement of unsecured convertible notes announced on Jan. 8, 2016, in the amount of $50,000 composed of one million shares.

No finders’ fees were paid in connection with the first tranche of the financing.

The principal amount of the convertible note will bear interest at 20 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 a finder’s fee to certain arm’s-length parties on the proceeds raised. It has yet to be determined if any insiders will be participating in the offering.

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 placement 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 private placement will be used for working capital.

http://www.nevadacmi.com/news/releases