VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / August 14, 2014 / Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (the "Company" or "Nevada Clean") today announced that further to the Company's news announcement released on May 2, 2013, it has amended its original service agreement (the "Service Agreement") with Hanover|Elite, providing for the term of Service Agreement to be extended through to August 8, 2015. Pursuant to the Service Agreement, Hanover|Elite serves as the Company's investor and public relations counsel of record.
In consideration of the extension, Nevada Clean has agreed to pay Hanover|Elite a monthly cash retainer fee of $12,500 commencing August 1, 2014; and will issue Hanover|Elite a total of 1,000,000 options to acquire common shares of the Company at an exercise price of $0.06, exercisable for a period of two years from the date of issuance of such options. Nevada Clean and Hanover|Elite have also amended the previous compensation payable under the original Service Agreement, which provided for the issuance of 2,000,000 common shares. Under TSX Venture Exchange Policy, the Company is restricted from issuing such shares, and Hanover|Elite has waived any right to receive such shares.
The Service Agreement, as amended, is subject to the approval by the TSX Venture Exchange.
Hanover|Elite is a joint venture between Hanover International, Inc. and Elite Financial Communications Group, LLC, which have partnered to create an innovative model for merging and applying best industry practices in financial communications, corporate branding and awareness, regulatory compliance and capital markets access and advisory.
About Hanover International, Inc.
Led by James E. Hock - current Co-Chairman of the National Investment Banking Association and broadly recognized as "the entrepreneur's consultant," Hanover International has advised hundreds of micro-, small- and mid-cap companies since its founding in 1990 with defining and implementing effective mergers and acquisitions and institutional shareholder relations strategies. Hanover International is comprised of a professional team of experts in the areas of investment banking, debt and equity deal structuring, market awareness and support, SEC law and compliance, mergers and acquisitions, market research and analysis, corporate management and new business development.
About Elite Financial Communications Group
Since 2001, Elite has combined diverse business expertise, influence, talent and capabilities to achieve quantifiable results for emerging publicly traded and privately held companies. Elite works closely with its clients to customize and implement fully integrated marketing and communications strategies and programs designed to achieve optimal transparency and proactive communications with shareholders and the investment community at large. Through Elite Media Group, the Company teams with its valued clientele to realize business and performance objectives through initiatives that leverage public and media relations, social networking, brand and reputation management, event planning, crisis management and government relations. Elite also provides copywriting, collateral development and production, formal media training and market trend analysis, among other traditional and new media services. For more information, please visit www.efcg.net.
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 43-101 technical report published in late 2011 and amended effective July 4, 2014, 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. For more information, please visit www.nevadacmi.com.
This news release was reviewed by James Sever, P. Eng. a qualified person recognized under NI 43-101.
Neither the 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
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect projected results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
SOURCE: Nevada Clean Magnesium, Inc.