Tickers: PINX:MLYFF, XTSX:NVM
VANCOUVER, BRITISH COLUMBIA / TheNewswire / August 22, 2016 - Nevada Clean Magnesium, Inc. (TSXV: NVM; Frankfurt-M1V; OTC Pink Sheets: MLYFF) (The "Company") today announced it had requested that IIROC halt trading in the Company's stock on the TSX Venture Exchange as of the open on August 18, 2016 as a result of an offer of a funding package from a firm originating in London, UK which would have been material to the Company. The terms of the offered funding package appeared on the surface to be acceptable and if accepted, would have materially changed the Company.
Upon receipt of the offer, in addition to halting the stock, the Company instructed its corporate lawyers to commence due diligence on the offeror and the transaction as a whole on a preliminary basis. Based on the information received, the Company came to the conclusion that the offered financing was not likely to be concluded, and our negotiations with the offeror have terminated. The Company continues to explore various avenues of funding its plans, but is exercising caution to ensure that it doesn't announce a transaction that has little or no hope of closing.
Trading in the shares of the Company will resume August 22, 2016.
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.
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
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