NEVADA CLEAN MAGNESIUM EXTENDS CLOSING DATE FOR CONVERTIBLE NOTE FINANCING

May 31, 2016

Nevada Clean receives extension for note financing

The TSX Venture Exchange has granted Nevada Clean Magnesium Inc. a 30-day extension for the non-brokered private placement of unsecured convertible notes.

The accumulated total from the two tranches has collectively raised $250,000; no finders’ fees were paid in connection with the financing.

About the financing

The principal amount of the convertible note will bear interest at 20 per cent per year, 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 that 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.

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 the payment of any commission and fees remain 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.

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