I wonder if AMY will manage to recover any funds from this . . . They are noted in the most recent (and now overdue for update) financials, but the amount is (as far as I could tell) not disclosed. It appears AMY gets zero as the accounting does not mention them but appears to expense the entire raise.
The company is down like 79.5% today on their US OTC ticker on low volume
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:
Computershare $16,825 Marketwire $2,895 Worksafe BC $1,295 Broadridge $1,295 Audit $15,000 Finder's Fee $800 General Working Capital $13,248 TSX Filing Fee $292 $52,000 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
Edward Lee President
For all Nevada Clean Magnesium Inc. investor relations needs, investors are asked to visit the website at www.nevadacmi.com.
Information Contacts
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 Email: info@molycor.com www.nevadacmi.com
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.
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