TORONTO, Sept. 29, 2020 /CNW/ - 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 share 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 $4.5M
pursuant to the definitive share purchase agreement dated
January 6, 2020.
- Completed the acquisition of an option to acquire a 100% right,
title and interest in the Escape Lake property on May 14, 2020 through the issuance of 24,615,884
common shares to Benton Resources Inc., pursuant to the terms of
the definitive option agreement dated January 6, 2020 and amended January 27, 2020.
Financial Summary
|
|
|
|
|
|
|
|
|
|
For the three
months ended
|
For the six months
ended
|
|
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July
31,
2020
|
|
July
31,
2019
|
July
31, 2020
|
July
31, 2019
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
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$
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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
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$
|
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
27th, 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.
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 adequacy 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 statements. 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.
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SOURCE Clean Air Metals Inc.