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Clean Air Metals Announces Accelerated Final Payment to Rio Tinto for the Escape Lake Property Option
Clean Air Metals Announces Accelerated Final Payment to Rio Tinto for the Escape Lake Pro...
About this update from Clean Air Metals, Inc.
[{"type":"text","content":"\n \n \n \n Clean Air Metals Announces Accelerated Final Payment to Rio Tinto for the Escape Lake Property Option\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n THUNDER BAY, ON\n \n ,\n \n Nov. 10, 2021\n \n /CNW/ -\n \n Clean Air Metals Inc. (\"Clean Air Metals\" or the \"Company\") (\n \n TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) is pleased to announce that, further to its press release dated\n \n October 12, 2021\n \n , it has made the final payment of CAD\n \n $1 Million\n \n , for and on behalf of Benton Resources Inc. (\"Benton\") (TSX:V BEX), directly to Rio Tinto Exploration Canada Inc. (\"RTEC\"), pursuant to the terms of the definitive option agreement (the \"Option Agreement\") entered into by the Company and\n \n Benton\n \n in order to satisfy a payment requirement of\n \n Benton\n \n under its pre-existing option agreement with RTEC dated\n \n October 9, 2019\n \n relating to the Escape Lake Property (the \"Escape Lake Option Agreement\") (see previous press release dated\n \n January 6, 2020\n \n and\n \n May 14, 2020\n \n ).\n \n \n The final payment of CAD\n \n $1 Million\n \n , not due under the terms of the Escape Lake Option Agreement until\n \n October 9, 2022\n \n , was accelerated at the Company's option.  Clean Air Metals has now fulfilled all of\n \n Benton's\n \n payment obligations under the Escape Lake Option Agreement, earning\n \n Benton\n \n a 100% right, title and interest in and to the Escape Lake Property, subject to a 1.0% net smelter return royalty to be retained by RTEC (the \"RTEC Royalty\"), and subject to Clean Air Metals' right to acquire 100% of\n \n Benton's\n \n interest in and to the Escape Lake Property pursuant to the terms of the Option Agreement.\n \n \n Clean Air Metals will be entitled to exercise the option to acquire 100% of\n \n Benton's\n \n interest in the Escape Lake Property, subject to a 0.5% net smelter return royalty from production on the Escape Lake Property to be retained by\n \n Benton\n \n , upon completion of the two remaining payments under the Share Purchase...