Nevada Clean Magnesium Closes First Tranche of Convertible Note Financing

Nevada Clean Magnesium (TSXV:NVM) has announced that it has closed the second tranche of the non-brokered private placement of unsecured convertible notes announced October 25, 2016 for $40,000.
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.
The securities issued will be subject to a 4 month hold period from the date of issue of, as the case may be, the Convertible Notes, or the Shares. The completion of the private placement and payment of any commission and fees remains subject to the receipt of all necessary approvals, including the approval of the Exchange. Proceeds of the Private Placement will be used for working capital.

Click here to read the full press release.