Nevada Clean Magnesium, Inc.(TSXV:NVM,FWB:M1V,OTC Pink Sheets:MLYFF) announced that the TSX Venture Exchange has conditionally approved its joint venture agreement with ScanMag AS, a Norway-based industrial minerals company. The JV partnership allows for the companies to collaborate on and mutually benefit from the development of their respective high quality dolomite deposits in order to produce magnesium metal for the North American and European industrial markets.
As quoted in the press release:
Upon ScanMag remitting the remainder (less deposit) of the U.S. $5 million to the Company on or before October 14, 2014, ScanMag will be granted a 40% interest in Nevada Clean’s Tami-Mosi Magnesium Project and will be issued a 19% equity stake in the Company. In addition, Nevada Clean will be granted a 7% equity stake in ScanMag.
Nevada Clean CEO, Edward Lee, said:
With all regulatory issues now dealt with, we are very pleased to be moving forward with ScanMag and expect that this is simply the beginning of what will prove to be a highly productive and profitable association. We expect ScanMag to complete its obligations in early fall 2014, thus we can proceed with development of both our projects.