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Nevada Clean Magnesium in oversubscribed placing

Last updated: 14:30 15 Aug 2017 EDT, First published: 09:30 15 Aug 2017 EDT

Magnesium-for-Proactive
The firm wants to become a major US producer and distributor of high grade, low cost magnesium metal

Emerging resource producer Nevada Clean Magnesium Inc (CVE:NVM) has brought in $78,500 via an oversubscribed private placing of units at $0.05 each

The firm offered a maximum of 1,570mln units , with each consisting of one share and one warrant.

Each warrant will be exercisable into one company share for years at a price of $0.05 per share.

Nevada Clean Magnesium wants to becoming a major US producer and distributor of high grade, low cost magnesium metal extracted from its 100% owned Tami-Mosi property in North Central Nevada. 

The site has an NI 43-101  inferred resource of 412 million tonnes with an average grade of 12.3% magnesium for a contained metal content of 111 billion pounds of magnesium using a 12% cut-off grade.

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