Nevada Clean Magnesium Closes First Tranche of Convertible Note Financing

 Nevada Clean Magnesium (TSXV:NVM) announced that it closed the first tranche of the non-brokered private placement of unsecured convertible notes announced on January 8, 2016 in the amount of $50,000 comprised of 1,000,000 Shares.
As quoted in the press release:

The Principal Amount of the Convertible Note will bear interest at 20% 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.

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