Tickers: PINX:MLYFF, XTSX:NVM
VANCOUVER, BRITISH COLUMBIA / TheNewswire / January 11, 2018 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (The "Company") responds to an inquiry by the OTC Markets regarding recent promotional activity respecting the Company's stock and issues this news release at their request.
On January 8, 2018, through an inquiry of the OTC Markets, the Company became aware of promotional activity regarding the Company's stock that it had not previously known about. On January 2, 2018, the Company had hired Alta Waterford LLC to disseminate our press releases, create an email to generate interest in our Company's business and distribute information about our Company's business on social media. The Company has since learned that certain emails produced by Alta were sent to various parties without the knowledge or review of the Company, which emails had the effect of increasing market activity during the trading day on January 8, 2018. The Company had no control over the content of these emails and was not aware that they were being sent at that time.
After investigation, the Company learned that the emails sent to certain email addresses as chosen by Alta were under the titles "Pennystock Mania" and "PennyPickGains" and were both produced by Alta. The emails were not balanced disclosure regarding the Company, and the Company had no knowledge of their content or existence prior to the OTC's inquiry. While the CEO of the Company purchased 20,000 at $0.04 (Cdn) on January 5, 2018, that purchase was not made with knowledge of the impending dissemination of the Alta emails, but was made as part of regular market support activity by the CEO. The CEO as part of his market making activities also purchased Company shares earlier than January 5, 2018, and all such trades are fully disclosed by the CEO on his insider reports filed on SEDI in Canada (and available for viewing on the internet). No other director or officer of the Company has traded in the Company's shares in the past 90 days, nor have any of its service providers, to the best of the Company's knowledge after making inquiry.
Since January 1, 2017, the Company has engaged Kaye Wynn Consulting Inc., Frontier Consulting Ltd. and recently Alta Waterford LLC to conduct investor relations and corporate communications services. The Company has not issued stock at a discount to market or issued any convertible instruments which permitted the convertion to Company stock at a discount to market within the past year.
With respect to the emails that were sent out by Alta, the Company points out that the email disclosure about the Company was not balanced in that none of the risk factors associated with the Company's business and plans were disclosed nor were any negative aspects of its business pointed out; and any predictions about the price of the Company's stock were misleading, as the Company never makes predictions about its stock price and never advises investors when or if to buy or sell its shares.
About Nevada Clean Magnesium, Inc.
Nevada Clean Magnesium is focused on becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium metal extracted from its 100% owned Tami-Mosi property located in North Central Nevada. Based on the Company's NI 43-101 Preliminary Economic Assessment Report published in September 2011 and amended in July 2014, the Tami-Mosi Project has an inferred resource of 412 million tonnes with an average grade of 12.3% Mg for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade contained within a high purity dolomite block. For more information, please visit www.nevadacmi.com.
The technical information contained within this press release was prepared under the supervision and review of James Sever, P. Eng., COO for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument 43-101 standards.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To Reach Nevada Clean Magnesium Please Contact:
Edward Lee, CEO at (604) 210-9862
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include NVM becoming a major U.S. producer and distributor of primary, high grade, low cost magnesium metal, and that our Project has an inferred resource of 412 million tonnes.ties. Actual results may differ materially from those currently anticipated due to a number of factors, including that results may not be as we expect, including that the Company's dolomite reserves may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic, and other risks associated with being a mineral exploration and development company. These forward-looking statements are made as of the date of this news release and, except as required by applicable laws, the Company assumes no obligation to update these forward-looking statements.
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