Nevada Clean Magnesium Announces Convertible Note Financing

Nevada Clean Magnesium (TSXV:NVM) has announced that it will conduct a non-brokered private placement of unsecured convertible notes in the amount of $120,000.
As quoted in the press release:

The Principal Amount of the Convertible Note will bear interest at 7.5% per annum, and any accrued but unpaid interest, will mature on the date that is one (1) year following the Closing Date (the “Maturity Date”). Each Convertible Note will be convertible into common shares (each, a “Share”) of the Company at a price of $0.05 per Share and any accrued but unpaid interest thereon will be convertible into Shares at the price per Share which is the greater of (i) $0.05 and (ii) the Market Price (as defined in the policies of the TSX Venture Exchange (the “Exchange”)) on the date of a conversion notice.
In connection with the private placement, the Company may, subject to regulatory acceptance, pay a finder’s fee to certain arm’s-length parties on the proceeds raised. It has yet to be determined if any insiders will be participating in the offering.

Click here to read the full press release.