Clean Air Metals Inc. has upsized its concurrent non-brokered private placement to gross proceeds of up to approximately C$6.2 million to support its ongoing reverse takeover transaction with Springbok Ventures Inc. and advance development work at its Ontario assets.

The upsized financing consists of up to 10,050,000 non-flow-through subscription receipts priced at C$0.50 per receipt to raise up to C$5.025 million, alongside up to 2,090,909 flow-through subscription receipts priced at C$0.55 per receipt to raise up to approximately C$1.15 million. Gross proceeds will be held in escrow pending the satisfaction of release conditions related to the completion of the transaction.

As of April 30, 2026, Clean Air Metals reported total cash of $664,328 and a working capital deficiency of $2,683,766 prior to undertaking the financing. The proceeds from the offering are intended to fund exploration and development activities at the flagship Thunder Bay North Project and Springbok’s Maude Lake Property, as well as general working capital and corporate purposes.

“The upsizing of this financing is another important step toward completing our combination with Springbok and beginning the next chapter for Clean Air Metals. The transaction brings together Thunder Bay North, a significant Canadian PGM-copper-nickel resource, with the financial, technical and capital markets capabilities of the Fiore Group. With a strengthened treasury following closing, we expect to be well positioned to advance the next phase of work at TBN while evaluating opportunities to grow the company into a broader Canadian critical minerals platform.”

— Mike Garbutt, President and CEO

The companies anticipate completing the business combination by way of a three-cornered amalgamation that will constitute a reverse takeover of Clean Air Metals under TSX Venture Exchange policies. Clean Air Metals is also pursuing Advanced Exploration permitting that includes approvals for a future ramp and bulk sample at Thunder Bay North. Completion of both the offering and the transaction remains subject to exchange acceptance and customary closing conditions.

Read the full announcement: Clean Air Metals and Fiore-Backed Springbok Ventures Announce Upsize of Non-Brokered Private Placement to C$6.2 Million