Clean Air Metals upsizes private placement to C$6.2 million

Clean Air Metals Inc. (TSXV: AIR) (FSE: CKU) (OTCID: CLRMF) and Springbok Ventures Inc. have announced an upsized non-brokered private placement to approximately C$6.2 million, to be completed by Clean Air Metals. The offering was previously announced in connection with a proposed reverse takeover of Clean Air Metals by Springbok Ventures, a company backed by the Fiore Group.

The offering consists of two components: up to 10,050,000 non-flow-through subscription receipts priced at C$0.50 each, raising up to C$5.025 million, and up to 2,090,909 flow-through subscription receipts priced at C$0.55 each, raising up to approximately C$1.15 million.

Proceeds will be held in escrow until conditions related to the completion of the proposed transaction are met. Upon release, each non-flow-through subscription receipt will convert into one post-consolidation common share of the resulting issuer, while each flow-through subscription receipt will entitle its holder to one flow-through share under Canada's Income Tax Act.

The funds are intended to advance exploration and development at Clean Air Metals' Thunder Bay North Project and Springbok's Maude Lake Project, as well as for general working capital purposes.

The proposed transaction involves a three-cornered amalgamation among Clean Air Metals, Springbok, and a wholly owned subsidiary of Clean Air Metals. The offering remains subject to acceptance by the TSX Venture Exchange and other standard closing conditions.

Clean Air Metals' Thunder Bay North Project, located 40 kilometers northeast of Thunder Bay, Ontario, hosts an indicated mineral resource of 14.9 million tonnes grading 2.66 g/t platinum and palladium, 0.40% copper, and 0.24% nickel. Springbok's Maude Lake Property is located approximately 14 kilometers north of Schreiber, Ontario, covering about 2,017 hectares with nickel-copper-platinum group element mineralization.

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