Tickers: PINX:MLYFF, XTSX:NVM
VANCOUVER, BRITISH COLUMBIA / TheNewswire / September 05, 2018 - Nevada Clean Magnesium, Inc. (TSX-V:NVM; Frankfurt-M1V; OTCQB:MLYFF) (the "Company") is pleased to announce that it has signed a definitive agreement with The Stirling Group of Vancouver ("Stirling") for an intial 6 month renewable contract for consulting services intended to position the Company for future expansion into production of magnesium metal that meets market demand, build revenues and establishes name recognition to gain greater attention from the investment community. Stirling's plans should help the Company make a production decision in the future.
The Stirling Group is providing corporate services to formulate a strategic direction and tactical execution plan complete with rigorous financial modeling and independent valuations for the explicit purpose of attracting investment. These tools and outcomes will allow Nevada Clean Magnesium to focus on the future development and implementation of its technologies to address business opportunities in the global magnesium industry.
Edward Lee, President and CEO of the Company remarked "Our goal is to have a plan ready for when we make a production and operations decision, and have the resources to help carry out the plan at the end of this process. We foresee the next 6 months as being crucial to be in a position to ramp up in all aspects of our business. In order to accomplish this, we have hired The Stirling Group who have knowledge and connections to help the company formulate its plans toward operations and the current and future planned fund raisings."
The terms of the contract are for 6 months and renewable with an initial payment of $25kUSD followed by an additional $40kUSD at the end of the fourth month after a successful money raise of up to $1 million USD. Included in the term is a final money raise of $5million USD at the end of 6 months with a succession fee of 5% of the issued Class "B" shares (approx. 9,000,000 shares) as calculated on the date of signing the agreement. Both proposed financings under this agreement are also subject to a Finder's Fee of 8% in cash.
The Consulting Agreement is subject to TSX Venture Exchange approval.
The technical portions of this press release was prepared under the supervision and review of James Sever, P. Eng., and COO for Nevada Clean Magnesium. Mr. Sever is a non-independent qualified person within the meaning of National Instrument 43-101 standards.
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 that we can become a major U.S. producer and distributor of primary, high grade, low cost magnesium metal; that we will get TSXV approval for our agreement with Stirling and that we can produce magnesium from dolomite and the opportunity to commercialize operations,. Actual results may differ materially from those currently anticipated due to a number of factors, including that the TSXV may not approve the agreement, we may not be able to fund our plans or raise sufficient funds to carry on, the Company's dolomite resource may not be mined because of technical, regulatory, financing or other obstacles, the market price for magnesium may make our resources uneconomic, the process may not be able to be commercially developed, none of our processes may result in cost-effective magnesium production, we may not be able to protect our intellectual property and keep out competition, we may not be able to comply with our obligations under the Stirling agreement, we may not be able hire and retain skilled employees, no market for our products may develop, anticipated demand may not materialize, and other general risks associated with being a mineral exploration and development company. The Company undertakes no obligation to update forward-looking information except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release and NCM undertakes no responsibility to update these forward looking statements except as required by law.
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
For additional information please visit our website at
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