Nevada Clean Magnesium Closes First Tranche
February 14, 2013 - Vancouver, British Columbia
Nevada Clean Magnesium Inc. (TSX.V-NVM; Frankfurt-M1V; Pink Sheets-MLYFF)(“Nevada CMI” or the “Company”) announces that further to its news release dated December 17, 2012, the Company has closed the first portion of its Non-Brokered Private Placement for gross proceeds of $52,000 comprising of 5,200,000 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 (Vancouver time) on February 14, 2016. 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 to pay amounts owing:
Worksafe BC $1,295
Finder's Fee $800
General Working Capital $13,248
TSX Filing Fee $292
The Company paid finder’s fees in the amount of $800 in cash.
As announced December 17th, 2012, the Company is continuing to raise by way of a Non-Brokered Private Placement, up to $311,550 through the issuance of up to 31,155,000 units (“Units”) at a price of $0.01 per Unit as per the TSX Venture Exchange Bulletin dated December 12, 2012 regarding Private Placements
The Company’s Board of Directors has approved this Private Placement.
About Nevada Clean Magnesium Inc.
NevadaCMI is a diversified precious, speciality and base metal exploration and development company focusing on magnesium, molybdenum and gold exploration and development in North America.
On Behalf of Management
For all Nevada Clean Magnesium Inc. investor relations needs, investors are asked to visit the website at www.nevadacmi.com.
Edward Lee, Chief Executive Officer
Nevada Clean Magnesium Inc. (formerly, Molycor Gold Corp.)
2A 15782 Marine Drive, White Rock, B.C. V4B 1E6
Telephone: 604-531-9639 Facsimile: 604-531-9634
Cautionary Notice: The Reader is cautioned that the full Cautionary Notice is not attached to this email. The reader is requested to access the news release on the Company’s website at www.nevadacmi.com or at SEDAR at www.sedar.com to read the full Cautionary Notice. The full Cautionary Notice is not attached as the recipient’s spam filters frequently block receiving emails containing the full Cautionary Notice.