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Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Option
Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Option ...
About this update from Clean Air Metals, Inc.
[{"type":"text","content":"\n \n \n \n Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake 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 THUNDER BAY, ON, Oct. 14, 2020\n \n \n \n \n \n THUNDER BAY, ON\n \n ,\n \n Oct. 14, 2020\n \n /CNW/ -\n \n Clean Air Metals Inc. (\"Clean Air Metals\" or the \"Company\")\n \n (TSXV: AIR) (OTCQB: CLRMF) is pleased to announce that it has paid the sum of\n \n CAD$1 Million\n \n directly to Rio Tinto Exploration Canada Inc. (\"RTEC\") as Vendor, pursuant to the terms of the definitive option agreement (the \"Option Agreement\") entered into between the Company and Benton Resources Inc. (\"Benton\") (TSXV: BEX) (see previous press release dated\n \n May 15, 2020\n \n ). The Company acquired the Option to acquire a 100% right, title and interest in and to the Escape Lake Property (the \"Escape Lake Property\"), whereby Clean Air Metals agreed to pay to RTEC an aggregate of\n \n C$6 million\n \n ,\n \n C$3 million\n \n of which was originally paid by Benton to RTEC on\n \n October 9, 2019\n \n .\n \n \n \n \n \n \n \n \n \n In addition, pursuant to the terms of a definitive share purchase agreement dated\n \n January 6, 2020\n \n entered into between the Company and Magma Metals Pty Ltd. (\"Magma\"), the Company completed the acquisition of 100% of Panoramic Resources Limited's indirect subsidiary, Panoramic PGMs (\n \n Canada\n \n ) Ltd. (\"Pan PGMs\"), which owns the Thunder Bay North Property (the \"TBN Property\"). Pan PGM's is now a 100% wholly-owned subsidiary of Clean Air Metals. In consideration of the acquisition of Pan PGMs, Clean Air Metals has also agreed to pay to Magma in equal installments over a three-year period, an aggregate of\n \n C$9 million\n \n ,\n \n C$4.5 million\n \n of which was paid on closing of the transaction on\n \n May 14, 2020\n \n .\n \n \n The Escape Lake Property and the TBN Property are collectively referred to as the \"TBN Project\". A 20,000m drill program is underway that has confirmed and expanded the new discovery at Escape Lake that now measures...