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Nevada Clean Magnesium Inc. (TSXV:NVM) announced that it has closed its third and final tranche of a non-brokered private placement for the sale of 1,340,000 units at a price of $0.05 per unit for gross proceeds of $67,000.. The total of the three tranches raised an aggregate of $239,500 with a total of 7,790,000 units issued.
As quoted in the press release:
Each Unit consists of one common share in the capital of Nevada Clean Magnesium (the “Common Shares”) and one Common Share purchase warrant (the “Warrants”). Each Warrant will be exercisable into one Common Share for a period of three years at a price of $0.05/share during the first two years of the exercise period and $0.10/share during the third year of the exercise period.
The proceeds of the Offering will be used for general working capital, and accounts payables, including legal and transfer agent fees. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities. The Company will apply the proceeds of the Offering to the above uses in priority and in such proportions as management of the Company determines is in the best interests of the Company.
The securities issued in connection with the Offering will be subject to a hold period expiring four months and one day from the date of issuance of such securities.
The placement is subject to final approval from the TSX-Venture Exchange.
Click here to read the Nevada Clean Magnesium Inc. (TSXV:NVM) press release
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