Business
Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property Option
Clean Air Metals Announces Payment to Rio Tinto to Maintain Escape Lake Property 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 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 PR Newswire\n \n \n \n \n \n THUNDER BAY, ON\n \n ,\n \n Oct. 12, 2021\n \n /PRNewswire/ -\n \n Clean Air Metals Inc. (\"Clean Air Metals\" or the \"Company\")\n \n (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF)\n \n \n is pleased to announce that it has paid,  for and on behalf of Benton Resources Inc. (\"Benton\") (TSX:V BEX), the sum of CAD\n \n $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\n \n Benton\n \n in order to satisfy a payment requirement of\n \n Benton\n \n under its pre-existing option with RTEC (see previous press release dated\n \n January 6, 2020\n \n and\n \n May 14, 2020\n \n ). The Company acquired an option to acquire a 100% right, title and interest in and to the Escape Lake Property (the \"Escape Lake Property\"), subject to a 1.0% net smelter return royalty to be retained by RTEC, from\n \n Benton\n \n under the Option Agreement, with such option conditional on\n \n Benton\n \n exercising its pre-existing option to acquire the Escape Lake Property from RTEC and under the Option Agreement, the Company has agreed to make all of the payments of\n \n Benton\n \n to RTEC that are required in order for\n \n Benton\n \n to exercise the pre-existing option.  Clean Air Metals agreed to pay to RTEC an aggregate of\n \n C$6 million\n \n in order for\n \n Benton\n \n to exercise the pre-existing option,\n \n C$3 million\n \n of which was originally paid by\n \n Benton\n \n to RTEC on\n \n October 9, 2019\n \n , and\n \n C$1 million\n \n of which was paid by the Company to RTEC on\n \n October 9, 2020\n \n . The remaining financial obligation to RTEC on behalf of\n \n Benton\n \n is\n \n $1 million\n \n due\n \n October 9, 2022\n \n .\n \n \n In addition, pursuant to the Option Agreement outlining the terms of a definitive share purchase agreeme...