Tickers: PINX:MLYFF, XTSX:NVM
VANCOUVER, BRITISH COLUMBIA / TheNewswire / December 05, 2018 - Nevada Clean Magnesium, Inc. (TSX-V:NVM; Frankfurt-M1V; OTCQB:MLYFF) (the "Company") announces that it has issued 100,000 shares to Lodestar Management Group, LLC. ("Lodestar") for the completion of their corporate services agreement for the months of October and November 2018.
Terms of the Lodestar agreement were previously announced May 24th, 2018 and are detailed in the paragraphs below.
Under the terms of the agreement Lodestar will provide advisory, consulting, negotiation and other management services relating to corporate management, administrative and/or operational activities of Nevada Clean Magnesium USA, Inc. ("NCMIUSA"), (a 100% owned US subsidiary of Nevada Clean Magnesium Inc.), managerial oversight, strategic planning, financial and compulsory oversight and compliance including, advisory and consulting services in relation to the selection, retention and supervision of independent contractors, required to implement and execute the intentions and objectives and to forward the pace and progression of the business affairs of NMI.
The term of the contract is for one year retroactively commencing January 1, 2018. The Company has agreed to compensate Lodestar in the amount of $2,500 CDN per month by arrangement of the issuance of shares. The number of shares issued will be based on the share price on the day of issuance that is not lower than the $0.05 per share minimum requirement, and will not exceed $2,500 CDN in value. The shares will be issued on the last working day of each month for a period of twelve (12) months.
The issuance of these shares is subject to final approval by the TSX Venture Exchange.
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 be able to close on our agreements with BBT; and that we can develop a clean, commercially viable, cost-effective process for the production of magnesium from dolomite, and the opportunity to commercialize and start sales. Actual results may differ materially from those currently anticipated due to a number of factors, including that the TSXV may not approve the agreement, 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 hire and retain skilled employees, no market for our process may develop from other resource owners, 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.
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.
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