Clean Air Metals Announces Non-Brokered Private Placement of Flow-Through Shares
Clean Air raises capital for exploration while awaiting TSXV approval for its Springbok merger.
Clean Air Metals Inc. (AIR) announced a non-brokered private placement of up to 2,500,000 flow-through common shares priced at C$0.06 per share. The transaction caps gross proceeds at C$150,000, with funds designated for exploration and development at the Thunder Bay North Critical Minerals Project and other qualifying Canadian exploration expenses.
The offering is scheduled to close around October 9, 2026, pending approval from the TSX Venture Exchange. The shares carry a four-month plus one-day hold period and qualify as flow-through shares under Canadian tax law.
CEO Mike Garbutt stated the financing secures contracted resources to advance exploration in the new year while the company works toward closing the proposed Springbok Ventures transaction.
Clean Air Metals Inc. (AIR) has completed a C$150,000 placement, a sum the company describes as immaterial to its overall balance sheet but necessary to fund near-term exploration activities. This transaction follows a larger C$6.2 million non-brokered private placement closed on September 22, 2026, and aligns with the company’s stated need to preserve cash and maintain operational momentum while awaiting TSXV approval for the Springbok amalgamation.
The financing extends the company's runway into early 2027. The news is considered fully expected and incremental, with the fundamental thesis remaining heavily dependent on the completion of the Springbok transaction and the subsequent 10-for-1 share consolidation. No surprise elements or market-moving catalysts are present.
Clean Air Metals Inc. (AIR) is a junior explorer advancing the Thunder Bay North Critical Minerals Project in Northwestern Ontario. The company’s flagship assets include the Current and Escape deposits, which host a 14.9 million-tonne indicated mineral resource grading 2.66 g/t Pt+Pd, 0.40% Cu, and 0.24% Ni.
A Preliminary Economic Assessment (PEA) released in October 2025 outlines an 11-year mine life with 2,500 tpd production via a ramp-access underground operation and a toll-milling strategy. The PEA shows a pre-tax NPV8 of C$219.4M and a pre-tax IRR of 39% at study pricing, improving to a pre-tax NPV8 of C$316M and IRR of 52% at October 2025 spot prices.
The company is pursuing a strategic combination with Fiore-backed Springbok Ventures to add the Maude Lake Property (nickel-copper-PGE sulphide mineralization) and form Dante Metals Corp.