Clean Air Metals Files Second Quarter, 2020 Financial Statements
Clean Air Metals Files Second Quarter, 2020
Financial Statements
Toronto, ON, September 29, 2020 – Clean Air Metals Inc. (formerly Regency Gold Corp.)
(“Clean Air Metals” or the “Company”) (TSX.V: AIR) (OTCQB: CLRMF) announces that
it has filed its condensed interim consolidated financial statements and management's
discussion and analysis for the six months ended July 31, 2020, available for viewing on
www.sedar.com.
Second Quarter Financial Highlights
• Total assets as at July 31, 2020 of $27,422,459
• Total cash as at July 31, 2020 of $13,688,524
• Working capital as at July 31, 2020 of $ 12,149,422
• Shareholder’s equity as at July 31, 2020 of $ 23,201,648
• Generated gross proceeds of $15 million through the issuance of 75 million
subscription receipts at $0.20. The Company satisfied all escrow conditions, and
on May 13, 2020, each subscription receipt was converted into one unit consisting
of one common shar e and-half common share purchase warrant, exercisable at
$0.30 until February 11, 2022.
• Generated gross proceeds of $6.7 million through the issuance of 13.4 million flow-
through shares at $0.50, which will be used to incur eligible Canadian exploration
expenses that will qualify as flow -through mining expenditures related to the
Company's projects in Canada.
• Completed the acquisition of Panoramic PGMS ( Canada) Ltd., which is now a
wholly-owned subsidiary of the Company, on May 14, 2020, which owns the
Thunder Bay North property , in exchange for an initial cash payment of $4.5M
pursuant to the definitive share purchase agreement dated January 6, 2020.
• Completed the acquisition of an option to acquire a 100% right, title and interest in
the Escape Lake property on May 14, 2020 through the issuance of 24,615,884
common shares to Benton Resources Inc., pursuant to the terms of the definitive
option agreement dated January 6, 2020 and amended January 27, 2020.
Financial Summary
For the three months ended For the six months ended
July 31,
2020
July 31,
2019
July 31,
2020
July 31,
2019
Operating Expenses $ 1,886,854 $ 91,555 $ 2,524,098 $ 123,851
Net Income (Loss) and
Comprehensive Income (Loss)
350,425 (91,555) (289,901) (123,851)
Earnings (Loss) per share –
Basic and Diluted $ 0.00 $ (0.00) $ (0.00) $ (0.01)
July 31,
2020
January 31,
2020
Total Assets $ 27,422,459 $ 1,961,497
Total Liabilities 4,220,811 693,114
Total Shareholders’ Equity $ 23,201,648 $ 1,268,383
During the current quarter, a flow-through share premium of $2,211,000 was recognized
pursuant to the private placement of flow -through shares, resulting in net income during
the three months ended July 31, 2020.
Full details of the financial reports and operating results for the second quarter ended July
31, 2020 are described in the Company’s condensed interim consolidated financial
statements with accompanying notes and related Management’s Discussion and Analysis,
available on SEDAR at www.sedar.com.
CEO Abraham Drost , P. Geo, a Qualified Person under NI 43- 101 and CEO of the
Company stated that “the second quarter of 2020 was a key period in the evolution of
Clean Air Metals as the issue came back to trade on May 22, 2020. On May 27 th, the
Company announced the $6.7 million flowthrough financing at $0.50 per share which
closed on June 16th. The initial financing of $15 million through the issuance of 75 million
units at $0.20 per unit was previously announced February 11, 2020. This has left the
Company well funded for the ongoing drill campaign, with two drills on the Thunder Bay
North Project at the Escape Lake mineralized zone. In addition, the Nordmin Engineering
study focused on resource validation and underground mine planning studies on the
Current Lake deposit (previously announced on August 11, 2020) is now well underway.”
Clean Air Metals and its wholly -owned subsidiary, Panoramic PGMs (Canada) Ltd.,
acknowledge that the Escape Lake and Thunder Bay North Properties are on the
traditional territories of the Fort William First Nation, Red Rock First Nation and
Biinjitiwaabik Zaaging Anishinabek, signatories to the Robinson-Superior Treaty of 1850.
Clean Air Metals' wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. is a signatory
to a Communication Protocol between the parties.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
For further information, please contact:
Abraham Drost, Chief Executive Officer of Clean Air Metals Inc.
Phone: 807-252-7800
Email: [email protected]
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 adequ acy 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 production and cost estimates and the
potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, 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 statement s. 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.