Nevada Clean Magnesium Completes Plan of Arrangement to Discontinue from British Columbia, Domesticate in Delaware and Change Name to "Western Magnesium Corporation"
TSX VENTURE: WMG
New York, NY / TheNewswire / May 14, 2019 - Western Magnesium Corporation (formerly Nevada Clean Magnesium Inc.) (TSX-V:WMG; Frankfurt-M1V; OTCQB: MLYFF) (the "Company" or "Western Magnesium") today announced it has completed its previously announced plan of arrangement (the "Arrangement"), pursuant to which the Company was discontinued from the jurisdiction of the Business Corporations Act (British Columbia) and domesticated under the General Corporation Law of the State of Delaware under the name "Western Magnesium Corporation".
In connection with the name change, Western Magnesium has also changed its stock symbol to "WMG" on the TSX Venture Exchange.
The move sets the stage for Western Magnesium to commercialize its breakthrough proprietary magnesium production technology, nearly 10 years of research and development in the making, to meet global industrial demand.
"Magnesium's light weight and high strength--a third lighter and 20% stronger than aluminum--makes it highly desirable in an environmentally conscious world where advanced materials are needed to reduce weight, improve performance and extend the lifespan of valuable assets," says Sam Ataya, Chief Executive Officer of Western Magnesium. "Magnesium metal, a material that, once sufficiently available, opens up an abundance of opportunity for rapid innovation across a wide range of industries."
Broad Applications, Limited Supply
While magnesium is one of the most plentiful elements on the surface of the Earth, pure magnesium metal is a rare commodity with only about 1 million metric tons produced each year, the vast majority of which is produced in China. Production in North America has dropped precipitously since it was produced in abundance during and after World War II, due to the high labor costs and dangerous, toxic byproducts associated with its production. Western Magnesium Corporation plans to become a low-cost producer of green, primary magnesium, a metal with strategic applications in the aerospace, automotive, defense, manufacturing and similar growth industries.
Western Magnesium plans to establish its administrative headquarters in New York City. Various sites throughout the U.S. are being evaluated for the location of its operations, Research and Development and other functions.
About Western Magnesium
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight. Unlike outdated and costly production processes, Western Magnesium will use a continuous silicothermic process to produce pure magnesium, which significantly reduces labor and energy costs relative to current methods and processes, while generating no toxic byproducts.
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 the Company's plans to become the world's low-cost producer of green, primary magnesium and commercialize its breakthrough proprietary magnesium production technology, the ability of magnesium to, once sufficiently available, open up an abundance of opportunity for rapid innovation across a wide range of industries, and the Company's plans to establish administrative headquarters in New York City. 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.