On February 23, 2022 Clean Air Metals Inc. closed a best efforts private placement of (i) 23,150,400 flow-through units, of which 10,869,600 were issued at a price of $0.23 per flow-through unit, and 12,280,800 were issued at a price of $0.285 per premium flow-through unit, and (ii) 32,250,000 non-flow-through units were issued at a price of $0.20 per unit, for aggregate gross proceeds of approximately $12.5 million. Each flow-through unit consisted of one common share of Clean Air Metals and one common share purchase warrant that each qualified as flow-through shares. Each non-flow-through unit consisted of one non-flow-through common share of Clean Air Metals and one non-flow-through warrant. Each warrant entitles the holder thereof to acquire one common share of Clean Air Metals at a price of $0.25 for a period of 2 years following the closing.
The offering was led by Paradigm Capital Inc. as sole bookrunner and lead agent, on behalf of a syndicate, including Beacon Securities Inc., Echelon Wealth Partners Inc. and Hannam & Partners.
Cassels acted for the Agents.