Clean Air Metals closes C$6.2M private placement tied to Springbok deal

Clean Air Metals Inc. (TSXV: AIR) (FSE: CKU) (OTC Pink: CLRMF) has closed a non-brokered private placement of subscription receipts, raising approximately C$6.2 million in gross proceeds, according to a press release from the company.

The offering comprised 10,050,000 non-flow-through subscription receipts at C$0.50 each and 2,090,909 flow-through subscription receipts at C$0.55 each. Proceeds have been placed in escrow pending satisfaction of conditions related to a planned business combination with Springbok Ventures Inc., a Fiore Group-backed unlisted reporting issuer.

The transaction, structured as a three-cornered amalgamation under British Columbia's Business Corporations Act, would merge Springbok with a Clean Air Metals subsidiary. Former Springbok shareholders would become shareholders of the resulting issuer. The amalgamation agreement was signed July 31, 2026.

Escrow release conditions must be met by no later than December 31, 2026. Prior to the amalgamation, Clean Air Metals plans to consolidate its shares on a 10-to-1 basis. The subscription receipts carry a statutory hold period expiring January 23, 2027. No finder's fees or commissions were paid in connection with the offering.

The proposed transaction remains subject to TSX Venture Exchange approval. The resulting issuer is expected to be classified as a Tier 2 mining issuer focused on Clean Air Metals' Thunder Bay North Critical Minerals Project in northwestern Ontario and Springbok's Maude Lake Property, located approximately 14 kilometres north of Schreiber, Ontario.

The expected management team of the resulting issuer includes Mike Garbutt as chief executive officer and Kelsey Chin as chief financial officer. The proposed board would consist of Garbutt, John Mason, David Peck, Ranj Pillai, and Ryan Brown.

Springbok reported no revenues across all reported financial periods. Its total liabilities stood at C$783,014 as of May 31, 2026, against total assets of C$10,227 for the same period.

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