Clean Air issues 3 M warrants to first nation partners

Jan 28, 2021

2021-01-28 09:29 ET – News Release

Mr. Abraham Drost reports

CLEAN AIR METALS ISSUES WARRANTS TO FIRST NATION PARTNERS UNDER A MEMORANDUM OF AGREEMENT

Clean Air Metals Inc. has issued an aggregate of three million common share purchase warrants to Fort William First Nation, Red Rock Indian Band and the Biinjitiwaabik Zaaging Anishinaabek. The issuance of the Warrants was under the terms of a Memorandum of Agreement between the Company and the Participating First nations effective as of January 8, 2021 (the “Memorandum of Agreement”). The Warrants are being issued as part of the consideration for the Participating First Nations working with the Company on the design, approval and development of the exploration project, the Thunder Bay North Project, and as part of the Company’s accommodation of the Participating First Nations’ interests and rights related to the exploration project. The Warrants were delivered on January 26, 2021 and are subject to a four-month holding period, expiring on May 27, 2021.

The Company has issued 1,000,000 Warrants to each Participating First Nation. Each Warrant entitles the holder to purchase one common share of the Company (each, a “Common Share”) at an exercise price of $0.40 per Common Share until January 8, 2026. The exercise price of the Warrant is equal to the closing market price of the Company’s listed shares on the date immediately preceding the date the Memorandum of Agreement was announced, being January 8, 2021. The Warrants and the Common Shares issuable under the Warrants are subject to a statutory hold period under applicable Canadian securities laws that expires four months and one day from the issue date of the Warrants.

About Clean Air Metals Inc.

Clean Air Metals’ flagship asset is the 100% owned, high grade Thunder Bay North Project, a platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The Clean Air Metals project hosts the Current Lake deposit and magma conduit and the Company is actively exploring the Escape Lake deposit, a twin structure to the Current Lake deposit. Executive Chairman Jim Gallagher and CEO Abraham Drost lead an experienced team of explorers, researchers and engineers who are using the Norilsk magma conduit stratigraphic and mineral deposit model to guide ongoing exploration and development studies. As the former CEO of North American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to Impala Platinum in December 2019, Jim Gallagher and team are credited with the mine turnaround and creation of significant value for shareholders.

We seek Safe Harbor.

https://www.cleanairmetals.ca/