Business
Clean Air Metals Announces Closing of $11.5 Million Bought Deal Private Placement
Clean Air Metals Announces Closing of $11.5 Million Bought Deal Private Placement ...
About this update from Clean Air Metals, Inc.
[{"type":"text","content":"\n \n \n \n Clean Air Metals Announces Closing of $11.5 Million Bought Deal Private Placement\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES\n \n \n \n \n OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n THUNDER BAY, ON\n \n ,\n \n Feb. 23, 2021\n \n /CNW/ -\n \n Clean Air Metals Inc.\n \n (\"\n \n Clean Air Metals\n \n \" or the \"\n \n Company\n \n \") (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF)\n \n \n is pleased to announce that it has closed the previously announced bought deal private placement for total proceeds of approximately\n \n $11.5 million\n \n (the \"\n \n Offering\n \n \"), consisting of (i) 11,904,800 flow-through shares (\"\n \n FT Shares\n \n \") at a price of\n \n $0.42\n \n per FT Share; and (ii) 12,745,100 flow-through units (the \"\n \n FT Units\n \n \") at a price of\n \n $0.51\n \n per FT Unit, including the exercise of the underwriters' option. In connection with the Offering, Paradigm Capital Inc. acted as sole bookrunner and lead underwriter (the \"\n \n Lead Underwriter\n \n \"), on behalf of a syndicate of underwriters including Clarus Securities Inc. and Echelon Wealth Partners Inc. (together with the Lead Underwriter, the \"\n \n Underwriters\n \n \").\n \n \n Each FT Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a \"\n \n Warrant\n \n \") that each qualifies as a \"flow-through share\" (within the meaning of subsection 66(15) of the Income Tax Act (\n \n Canada\n \n ). Each Warrant will entitle the holder thereof to acquire one common share of the Company at a price of\n \n $0.55\n \n until\n \n February 23, 2023\n \n .\n \n \n The Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares and the FT Units to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms a...