VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / June 27, 2014 / Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company" or "Nevada Clean") reports that the TSX Venture Exchange has approved of the Company's financial services agreement with Crucible Capital Group, Inc. As stated in the agreement, Crucible will act as a consultant, financial advisor and agent for the Company. In addition to a monthly retainer and fees to be paid to Crucible for services such as arranging for: financing, mergers, and acquisition of a business merger, the Company will also provide Crucible with 750,000 common shares and 250,000 warrants exercisable into common shares for two years at an exercise price of $0.08.
The contract is in effect for an initial term of 180 days, and there is no assurance that the Company will carry out any financing or transaction of which Crucible has arranged.
Shares issued to Crucible are subject to a hold period in Canada of four months from the date of their issuance. Additional United States resale restrictions may apply.
About Crucible Capital Group, Inc.
Headquartered in New York City, Crucible Capital Group provides comprehensive investment banking services to micro- and small-cap companies in the United States and internationally. The firm is distinguished by the experience of its principals and their proven track record of successful engagements. Crucible Capital Group is a FINRA-registered broker/dealer and a SIPC member firm.
About Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium is focused on becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium extracted from its 100% owned Tami-Mosi property located in North Central Nevada. Based on the Company's NI 43-101 Preliminary Economic Assessment Report published in late 2011, the Tami-Mosi Project has an inferred resource of 412 million tonnes with an average grade of 12.3% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. This document was selected for reviewed by the BCSC. The BCSC has advised that the Preliminary Economic Assessment and Technical Report of the Tami-Mosi Magnesium Project dated Septemeber 15, 2011 (the "Technical Report") does not comply with the requirements of National Instrument 43-101 "Standards of Disclosure for Mineral Projects" in certain areas and as a result the Company hereby advises that readers are cautioned not to rely on the disclosure contained in the Technical Report or on any information based upon that Technical Report until the Company has resolved the comments raised by the BCSC. The Company is currently in the process of preparing an amended technical report and does not anticipate any difficulty in addressing the comments raised by the BCSC. The amended technical report will be posted on the Company's SEDAR profile once complete For more information, please visit www.nevadacmi.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include statements about the closing a joint venture and private placement.
Actual results may differ materially from those currently anticipated due to a number of factors, including that we may not be able to agree on final terms with a financier or joint venture partner that ScanMag introduces, ScanMag may not be successful in securing investors or joint venture partners, that the Company's dolomite reserves may not mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Kathy Addison, Chief Operating Officer
Email: [email protected]
SOURCE: Nevada Clean Magnesium, Inc.