Clean Air Metals and Fiore-backed Springbok Ventures Announce Upsize of Non-Brokered Private Placement

Clean Air Metals Inc. and Springbok Ventures Inc. have increased the size of their previously announced non-brokered private placement to $6.1 million, citing strong market demand. The offering is integral to the proposed amalgamation to form Dante Metals Corp., which will combine the Thunder Bay North Project and the Maude Lake Property.

The transaction structure involves a 10-for-1 share consolidation for Clean Air Metals and a 0.9 exchange ratio for Springbok shareholders. Proceeds are held in escrow and will only be released upon the closing of the amalgamation. Post-transaction ownership is expected to be approximately 41.8% former Clean Air Metals shareholders, approximately 41.7% former Springbok shareholders, and approximately 16.5% subscription receipt holders.

The specific terms of the private placement are as follows:

• Springbok subscription receipts: 10,000,000 units at $0.50 per unit.
• Clean Air Metals subscription receipts: 2,000,000 units at $0.55 per unit.

Fiore Group receives a 1.0% administrative success fee. TSX-V approval and shareholder votes, expected in early September 2026, are required to proceed.

Clean Air Metals Inc. (AIR) has upsized its capital raise to $6.1 million, a move that follows the July 31 amalgamation announcement and demonstrates investor appetite for the combined PGM-Cu platform. The proceeds are intended to address the company’s working capital deficiency of $2.68 million as of April 30, 2026, and to fund exploration and strategic development post-closing.

However, the funds are held in escrow until closing, meaning immediate liquidity relief is delayed until regulatory and shareholder approvals are secured. The transaction involves a 10-for-1 consolidation and new issuance, which will dilute existing shareholders. This dilution is offset by the addition of Springbok's Maude Lake property and backing from the Fiore Group, which enhances the strategic rationale of the deal.

Clean Air Metals Inc. (AIR) is advancing its Thunder Bay North (TBN) Critical Minerals Project in Ontario, with a focus on platinum group elements (PGEs), copper, and nickel. The flagship project hosts a 14.9 million-tonne indicated mineral resource grading 2.66 grams per tonne of platinum plus palladium, 0.40% copper, and 0.24% nickel.

A preliminary economic assessment outlines an 11-year mine life and a production rate of 2,500 tonnes per day using a toll-milling strategy. The base-case scenario projects a pre-tax net present value of C$219.4 million and an internal rate of return of 39%. Updated spot prices in January 2026 suggest potential net present value up to $708 million and an internal rate of return of 100%.

The company is also proposing an amalgamation with Springbok Ventures, which would add the Maude Lake Property, comprising approximately 2,017 hectares of nickel-copper-PGE sulphide mineralization, to create a diversified critical minerals platform.