Nevada Clean closes $82,000 final tranche of financing

Dec 23, 2015

NEVADA CLEAN MAGNESIUM CLOSES THIRD AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Nevada Clean Magnesium Inc. has closed the third and final tranche of its non-brokered private placement previously announced on July 14, 2015, for gross proceeds of $82,000 comprising 1.64 million units of the company. No finders’ fees were paid in connection with the final tranche of the financing.

The accumulated total from the three tranches collectively raised $152,000, which issued a total of 3.04 million units.

The offering

The maximum offering was three million units for gross proceeds of up to $150,000. The offering is not subject to any minimum total subscription. Each unit will consist of one common share in the capital of Nevada Clean Magnesium and one common share purchase warrant. Each warrant will be exercisable into one common share for a period of three years at a price of five cents per share during the first two years of the exercise period and 10 cents per share during the third year of the exercise period.

The proceeds of the offering will be used for U.S. property payments, 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.

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