Business
CLEAN AIR METALS CLOSES FIRST TRANCHE OF C$15 MILLION ROYALTY FINANCING AGREEMENT ON THUNDER BAY NORTH CRITICAL MINERALS PROJECT WITH TRIPLE FLAG PRECIOUS METALS CORP.
CLEAN AIR METALS CLOSES FIRST TRANCHE OF C$15 MILLION ROYALTY FINANCING AGREEMENT ON THUNDER BAY ...
About this update from Clean Air Metals, Inc.
[{"type":"text","content":"\n \n \n \n CLEAN AIR METALS CLOSES FIRST TRANCHE OF C$15 MILLION ROYALTY FINANCING AGREEMENT ON THUNDER BAY NORTH CRITICAL MINERALS PROJECT WITH TRIPLE FLAG PRECIOUS METALS CORP.\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 \n THUNDER BAY, ON\n \n \n ,\n \n \n Dec. 19, 2022\n \n \n /CNW/ -\n \n Clean Air Metals Inc.\n \n (\"Clean Air Metals\") (the \"Company\") (TSXV: AIR) (OTCQB: CLRMF) (CKU: DB) has closed the first tranche in the amount of\n \n C$10 million\n \n of a\n \n C$15-million\n \n mineral royalty financing agreement (the \"TF Royalty Agreement\") effective\n \n December 16, 2022\n \n (the \"Effective Date\") with\n \n Triple Flag Precious Metals Corp.\n \n (\"Triple Flag\").  The TF Royalty Agreement features a 2.5% net smelter returns (\"NSR\") mining royalty for all mineral product produced on the Thunder Bay North Critical Minerals (Platinum, Palladium, Copper, Nickel) Project in\n \n Northern Ontario, Canada\n \n , temporarily excepting the Escape claims.\n \n \n The second tranche, consisting of\n \n C$5 million\n \n , will be paid on or before 110 days from the Effective Date of the TF Royalty Agreement, allowing time for due diligence and a decision by Rio Tinto Exploration Canada Inc. (\"RTEC\") on whether or not to sell its 1% NSR royalty on the Escape claims to Clean Air Metals for\n \n C$2 million\n \n , subject to certain conditions (\"Put Option No. 1\"). RTEC also has an alternative option to sell its 1% NSR to Clean Air Metals for\n \n C$3.5 million\n \n at a future date (\"Put Option No. 2\") or may elect not to sell its 1% NSR at all. Put Option No. 2 is valid for the period from\n \n June 30, 2024\n \n until 60 days after filing of a \"Feasibility Study\" (as such term is defined in National Instrument 43-101 –\n \n Standards of Disclosure for Mineral Projects\n \n ) on SEDAR. The Tranche 1 and Tranche 2 payment areas are shown in the accompanying map link\n \n Figure 1 Triple Flag Royalty Map\n \n .\n \n \n Benton Resources Inc. has also provided its consent for the application of...