THUNDER BAY, ON, June 28, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) announces that it has filed its condensed
consolidated interim financial statements and
management's discussion and analysis for the three-month
period ended April 30,
2021, available for viewing on www.sedar.com.
Q1 Financial Highlights
- Total assets as at April 30, 2021
of $37,914,067
- Total cash as at April 30, 2021
of $14,153,852
- Working capital as at April 30,
2021 of $10,929,432
- Shareholder's equity as at April 30,
2021 of $31,307,884
During the quarter ended April 30,
2021 as previously reported, the Company,
- closed a bought deal private placement for total proceeds of
approximately $11.5-million,
consisting of: (i) 11,904,800 flow-through shares at a price of
$0.42 per flow-through share; and
(ii) 12,745,100 flow-through units at a price of $0.51 per flow-through unit, including the
exercise of the underwriters' option.
- Commenced a 30,000 meter diamond drill program with 2 drills at
the Thunder Bay North project, with a focus on systematic step-outs
between resource centers within the Escape Lake Deposit to add to
the 505,369 oz palladium equivalent (PdEq) indicated mineral
resource at 3.67g/t PdEq in 4,286,220 tonnes, published on
January 20, 2021.
- Mobilized a third drill and is budgeting 15,000m of drilling to focus on six high-priority
massive sulphide targets at the base of the Escape and Current
deposit magma conduits and possible additional accretive resource
delineation drilling at the adjacent Current Lake deposit, building
on the indicated mineral resource of 1,328,789 oz PdEq at an
average grade of 3.44 g/t PdEq in 11,999,177 tonnes, defined in the
mineral resource update dated January 20,
2020.
- Mineral resource estimates for both deposits are reported
pursuant to the January 20, 2021 NI
43-101 Technical Report and Mineral Resource Estimate for the
Thunder Bay North Project, Thunder Bay,
Ontario, prepared by Nordmin Engineering Ltd. with QP Glen
Kuntz, P.Geo, as posted to SEDAR on March 4,
2021.
Financial Summary
|
|
|
|
For the three
months ended
|
|
April
30,
2021
|
April
30,
2020
|
|
|
|
Operating
Expenses
|
$
747,134
|
$
637,242
|
|
|
|
Net Loss and
Comprehensive
Loss
|
(47,741)
|
(640,324)
|
|
|
|
Loss per share
–
|
|
|
Basic and
Diluted
|
$
(0.00)
|
$
(0.03)
|
|
|
|
|
|
|
|
April
30,
2021
|
January
31,
2021
|
|
|
|
Total
Assets
|
$
37,914,067
|
$
27,146,884
|
|
|
|
Total
Liabilities
|
6,606,183
|
3,923,352
|
|
|
|
Total
Shareholders' Equity
|
$
31,307,884
|
$
23,223,532
|
Full details of the financial reports and operating results for
the three-month period ended April 30,
2021 are described in the Company's condensed consolidated
interim financial statements with accompanying notes and related
Management's Discussion and Analysis, available on SEDAR at
www.sedar.com.
CEO of Clean Air Metals, Abraham
Drost, MSc, P.Geo. stated that " Clean Air Metals
presents its quarterly financial statements for the first quarter
ending April 30, 2021 in the normal
course in keeping with the highest standards of corporate
disclosure. Exploration and development work continues apace at
Thunder Bay North, with three drills turning 24/7. The drilling is
consistently hitting new mineralization and the Company is
advancing and optimizing an internal engineering and metallurgical
testing process looking to publish benchmark results later in the
year."
COVID Policy
Clean Air Metals continued to apply
COVID-19 avoidance and personal protection measures for its
geological staff, drilling contractor and service suppliers during
the third quarter. Personnel are required to maintain physical
distance, use Personal Protective Equipment (PPE), self-monitor and
self-isolate or elect to work from home. Management had previously
eliminated plans for a camp setup to service a planned diamond
drill campaign on the Escape Lake Project. The Company is aware of
Thunder Bay Health Unit guidelines that provide for "mandatory"
self-isolation for returning overseas and inter-provincial travel.
The guidelines also "strongly recommended" self-isolation after
travel into the Northwest region from other areas of the Province.
Mineral Exploration and Development has been deemed an essential
service in the Province
of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/).
The Company has procured the services of a locally staffed and
serviced diamond drilling contractor to complete the diamond
drilling programs.
Qualified Person
Mr. Allan MacTavish, P.Geo. a
Qualified Person under National Instrument 43-101 and VP, Project
Manager of the Company, has reviewed and approved all technical
information in this press release.
Social Engagement
Clean Air Metals Inc. and its
wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay
North Project is on the traditional territories of the Fort William
First Nation, Red Rock First Nation and Biinjitiwabik
Zaaging Anishinabek. The parties together are the Cooperating
Participants in a Memorandum of Agreement dated January 9,
2021 and the issue of Warrants, reported January 28,
2021.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive
Officer of Clean Air Metals Inc.
Website: www.cleanairmetals.ca
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 cost estimates and the potential for
unexpected costs and expenses; results of technical studies,
benchmark reports, 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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content:https://www.prnewswire.com/news-releases/clean-air-metals-files-first-quarter-2021-interim-financial-statements-301320777.html
SOURCE Clean Air Metals Inc.