Thunder Bay, Ontario--(Newsfile Corp. - September 16, 2026) - Clean Air Metals Inc. (TSXV: AIR) (FSE: CKU) (OTCID: CLRMF) (" Clean Air Metals ") and Springbok Ventures Inc. (" Springbok "), a Fiore-backed unlisted reporting issuer, announce that, further to their joint news releases dated July 31, 2026 and August 10, 2026 regarding the proposed business combination by way of a three-cornered amalgamation involving Clean Air Metals, Springbok and a wholly owned subsidiary of Clean Air Metals, which transaction will constitute a reverse takeover of Clean Air Metals (the " Transaction ") under the policies of the TSX Venture Exchange (the " TSXV "), the previously announced concurrent financing has been upsized to approximately C$6.2 million and will now be completed by Clean Air Metals.
Mike Garbutt, President and CEO of Clean Air Metals, commented: "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."
The financing will consist of a non-brokered private placement by Clean Air Metals for aggregate gross proceeds of up to approximately C$6.2 million (the " Offering "), including the following:
up to 10,050,000 non-flow through subscription receipts of Clean Air Metals (the " Non-Flow Through Subscription Receipts ") at a price of C$0.50 per Non-Flow Through Subscription Receipt, for gross proceeds of up to C$5.025 million; and
up to 2,090,909 flow-through subscription receipts of Clean Air Metals (the " Flow-Through Subscription Receipts " and together with the Non-Flow Through Subscription Receipts, the " Subscription Receipts ") at a price of C$0.55 per Flow-Through Subscription Receipt, for gross proceeds of up to approximately C$1.15 million,
The gross proceeds of the Offering will be held in escrow pending the satisfaction of the applicable escrow release conditions relating to the completion of the Transaction. Upon satisfaction of those conditions before the applicable deadline, without further action or payment by the holders, each Non-Flow-Through Subscription Receipt will automatically convert into one (1) post-consolidation common share of the resulting issuer (each, a " Resulting Issuer Share "), and each Flow-Through Subscription Receipt will entitle its holder to subscribe for one (1) Resulting Issuer Share qualifying as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The proceeds of the Offering are intended to be used to advance development and exploration activities at Clean Air's Thunder Bay North Project and Springbok's Maude Lake Project and for general working capital and corporate purposes.
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Completion of the Offering remains subject to acceptance by the TSXV and other customary closing conditions.
Please refer to the joint news releases dated July 31, 2026, for more information on the Transaction.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Springbok Ventures
Springbok Ventures Inc. is an unlisted reporting issuer mineral exploration company backed by the Fiore Group, a mine-building and investment group with a proven track record of discovering, financing and developing successful mining companies globally. The Fiore team brings extensive experience across capital markets, exploration, mine development, operations and M&A, and its broader ecosystem includes West Red Lake Gold Mines, NexGold Mining, Nations Royalty, Selkirk Copper Mines, Cambria Gold Mines, Argenta Silver, Crossroads Gold and Pacific Ridge Exploration, among others. Springbok's principal asset is its interest in the Maude Lake Property, located approximately 14 kilometres north of Schreiber, Ontario, consisting of 95 contiguous mining claims covering approximately 2,017 hectares. The property hosts nickel-copper- platinum group element (" PGE ") sulphide mineralization associated with the historical Nicopor Occurrence and has been the subject of extensive geological, geophysical and drilling programs that have identified multiple high-priority exploration targets with significant discovery potential.
About Clean Air Metals
Clean Air Metals is a development and exploration company advancing its flagship 100% owned Thunder Bay North Critical Minerals Project, 40 km northeast of Thunder Bay, Ontario, Canada. The TBN Project, accessible by road and next to established infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 14.9 Mt indicated mineral resource grading 2.66 g/t (Pt+Pd), 0.40% Cu and 0.24% Ni (NI 43-101 PEA Technical Report, Thunder Bay North Project, Ontario, Canada SLR Consulting Canada Ltd, November 21, 2025) with significant potential for expansion down-plunge.
One of the rare primary platinum resources outside of South Africa, the TBN Project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. The TBN Project has the potential to develop into a secure source of rare platinum metals, as well as other critical metals such as copper, nickel, and cobalt, for the North American manufacturing sector. With its proven technical team, Clean Air Metals is committed to advancing the TBN Project and creating long-term value for shareholders.
Social Engagement
Both Clean Air Metals and Springbok acknowledge that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwaabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek.
We further acknowledge that the Maude Lake Property is also located within the Robinson-Superior Treaty of 1850 area. This includes the territories of Pays Plat First Nation, Fort William First Nation, Biinjitiwaabik Zaaging Anishinaabek, Kiashke Zaaging Anishinaabek, Bingwi Neyaashi Anishinaabek, and Long Lake 58 First Nations. Both companies also acknowledge the important history of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation.
We appreciate the opportunity to work in these territories and remain committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. We are committed to stewarding Indigenous heritage and to building, fostering, and encouraging a respectful relationship with First Nations, Métis, and Inuit peoples, based upon principles of mutual trust, respect, reciprocity, and collaboration, in the spirit of reconciliation.
Neither 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.
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Visit www.cleanairmetals.ca for more information or contact:
Ryan Weymark, Advisor 778-828-1144 rweymark@fioreconsultants.com
Rob McLeod, Advisor 604-617-0616 rmcleod@fioreconsultants.com
Mike Garbutt, President and CEO 705-207-2111 mgarbutt@cleanairmetals.ca
Cautionary Note
All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws ("forward-looking statements"). Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeted", "outlook", "on track" and "intend" and statements that an event or result "may", "will", "should", "could", "would" or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements relating to: the terms and completion of the Transaction and the Offering; and future plans, development and operations of the Resulting Issuer, its business and its properties. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, risks relating to transactions of the nature of the Transaction and the Offering; the need for exchange approval, and other regulatory approvals and other risk factors as detailed from time to time in each party's respective filings with Canadian securities regulators, available on such party's profile on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on assumptions made with regard to, among other things: market conditions remaining favourable to completing the Transaction and the Offering. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although the parties believe that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the parties can give no assurance that such expectations will prove to be correct. The parties do not undertake any obligation to update forward-looking statements, other than as required by applicable laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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