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Clean Air Metals Announces $5 Million Private Placement of Flow-Through Shares
Toronto, Ontario--(Newsfile Corp. - May 27, 2020) - Clean Air Metals Inc.  (TSXV: AIR) &#...
About this update from Clean Air Metals, Inc.
[{"type":"text","content":"Clean Air Metals Announces $5 Million Private Placement of Flow-Through SharesToronto, Ontario--(Newsfile Corp. - May 27, 2020) - Clean Air Metals Inc. (TSXV: AIR) (the \"Company\" or \"Clean Air Metals\") is pleased to announce that it has entered into an agreement with Paradigm Capital Inc. (the \"Lead Agent\"), on behalf of a syndicate of agents (collectively, the \"Agents\"), in connection with a \"best efforts\" private placement of up to 10,000,000 common shares of the Company, issued on a flow-through basis (each, a \"FT Share\") at a price of C$0.50 per FT Share (the \"Issue Price\"), for aggregate gross proceeds of up to C$5,000,000 (the \"Offering\").The FT Shares will qualify as \"flow-through shares\" (within the meaning of subsection 66 (15) of the Income Tax Act (Canada)) (the \"ITA\").The gross proceeds from the Offering will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the ITA (the \"Qualifying Expenditures\") related to the Company's projects in Canada. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2020.In addition, the Agents have been granted an option to sell such number of additional FT Shares at the Issue Price for additional gross proceeds of up to C$1,000,000.The Offering is expected to close on or about June 16, 2020, or such other date as agreed between the Company and the Agents. The completion of the Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval and final approval of the TSX Venture Exchange. All securities issued under the Offering will be subject to a statutory hold period of four months and one day from the closing date of the Offering. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unla...