Thunder Bay, ON, Jan. 28, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) announces the issuance of an aggregate of
3,000,000 common share purchase warrants (the "Warrants") to
Fort William First Nation, Red Rock Indian Band and the
Biinjitiwaabik Zaaging Anishinaabek (collectively, the
"Participating First Nations"). The issuance of the Warrants
was under the terms of a Memorandum of Agreement between the
Company and the Participating First nations effective as of
January 8, 2021 (the "Memorandum
of Agreement"). The Warrants are being issued as part of the
consideration for the Participating First Nations working with the
Company on the design, approval and development of the exploration
project, the Thunder Bay North Project, and as part of the
Company's accommodation of the Participating First Nations'
interests and rights related to the exploration project. The
Warrants were delivered on January 26,
2021 and are subject to a four-month holding period,
expiring on May 27, 2021.
The Company has issued 1,000,000 Warrants to each Participating
First Nation. Each Warrant entitles the holder to purchase one
common share of the Company (each, a "Common Share") at an
exercise price of $0.40 per Common
Share until January 8, 2026. The
exercise price of the Warrant is equal to the closing market price
of the Company's listed shares on the date immediately preceding
the date the Memorandum of Agreement was announced, being
January 8, 2021. The Warrants and the
Common Shares issuable under the Warrants are subject to a
statutory hold period under applicable Canadian securities laws
that expires four months and one day from the issue date of the
Warrants.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the 100% owned, high grade
Thunder Bay North Project, a platinum, palladium, copper, nickel
project located near the City of Thunder
Bay, Ontario and the Lac des Iles Mine owned by Impala
Platinum. The Clean Air Metals project hosts the Current Lake
deposit and magma conduit and the Company is actively exploring the
Escape Lake deposit, a twin structure to the Current Lake deposit.
Executive Chairman Jim Gallagher and
CEO Abraham Drost lead an
experienced team of explorers, researchers and engineers who are
using the Norilsk magma conduit stratigraphic and mineral deposit
model to guide ongoing exploration and development studies. As the
former CEO of North American Palladium Ltd. which owned the Lac des
Iles Mine prior to the sale to Impala Platinum in December 2019, Jim
Gallagher and team are credited with the mine turnaround and
creation of significant value for shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive
Officer of Clean Air Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements relate to information that
is based on assumptions of management, forecasts of future results,
and estimates of amounts not yet determinable. Any statements that
express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking
statements." Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements,
including, without limitation: political and regulatory risks
associated with mining and exploration; risks related to the
maintenance of stock exchange listings; risks related to
environmental regulation and liability; the potential for delays in
exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the
geology, grade and continuity of mineral deposits; risks related to
the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; results of
prefeasibility and feasibility studies, and the possibility that
future exploration, development or mining results will not be
consistent with the Company's expectations; risks related to
commodity price fluctuations; and other risks and uncertainties
related to the Company's prospects, properties and business
detailed elsewhere in the Company's disclosure record. Should one
or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements.
Investors are cautioned against attributing undue certainty to
forward-looking statements. These forward-looking statements are
made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances, except in accordance with applicable securities
laws. Actual events or results could differ materially from the
Company's expectations or projections.
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SOURCE Clean Air Metals Inc.