Clean Air Metals (TSX-V:AIR) recently closed a non-brokered private placement to raise just over C$1.096 million through the issuance of 18.268 million shares that qualifies as a flow-through share at a price of $0.06 per FT share.
All qualifying expenditures will be renounced in favour of the subscribers of the FT shares and became effective on 31 December 2024.
In connection with the offering, Red Cloud Securities acted as a finder, connecting the company with certain subscribers.
The gross proceeds of will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures” as such terms are defined in the Income Tax Act (Canada) related to the company’s projects in Ontario.
CEO Mike Garbutt says the company is very pleased with the support in this private placement.
“This financing will enable us to continue advancing the project with additional drilling this winter, to improve project economics and progress towards bringing it to production,” the CEO says.
An “insider” of the company has subscribed for an aggregate of 200,000 FT shares. The subscription is considered to be a related party transaction.
Clean Air Metals is a development and exploration company advancing its flagship, 100% owned Thunder Bay North Critical Minerals Project, 40km northeast of Thunder Bay, Ontario.
The project, accessible by road and next to established infrastructure, hosts two deposits – the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 13.8Mt indicated mineral resource.
Write to Adam Orlando at Mining.com.au
Images: Clean Air
