Clean Air Metals and Springbok Ventures have increased their previously announced non-brokered private placement to $6.1 million due to strong market demand, supporting their pending business combination to create a critical minerals developer in northwestern Ontario.

The upsized financing comprises 10,000,000 subscription receipts of Springbok at $0.50 per receipt and 2,000,000 subscription receipts of Clean Air Metals at $0.55 per receipt. Each Springbok subscription receipt will automatically convert into common shares immediately prior to the amalgamation, with each resulting share exchanged for nine-tenths of a share in the combined entity. Each Clean Air Metals subscription receipt will convert directly into one flow-through eligible common share of the resulting issuer. All proceeds are being held in escrow and will be released upon the closing of the transaction.

The offering accompanies the July 31, 2026, amalgamation agreement between Clean Air Metals, a wholly owned subsidiary, and Springbok. The transaction will combine Clean Air Metals' flagship Thunder Bay North Critical Minerals Project—which hosts an indicated mineral resource of 14.9 million tonnes grading 2.66 g/t platinum-palladium, 0.40% copper, and 0.24% nickel—with Springbok's Maude Lake Property. The resulting issuer intends to use net proceeds to advance project activities, exploration, and strategic alternatives. Upon completion, the Fiore Group will receive a 1.0% administrative success fee.

Trading volume on August 10, 2026, reached 1,833,964 shares, representing a level 442% above the 50-day average of 255,355 shares. Nearby activity in the district includes Generation Mining Limited securing a CAD $200 million subordinated debt commitment from the Canada Infrastructure Bank for its Marathon project on June 22, 2026.

Completion of the offering and the proposed transaction remains subject to the approval of the TSX Venture Exchange.

Read the full announcement: Clean Air Metals and Fiore-backed Springbok Ventures Announce Upsize of Non-Brokered Private Placement