Toronto, Ontario--(Newsfile Corp. - July 22, 2020) - Eric Sprott announces that, on July 22, 2020, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, sold 10,000,000 common shares of Clean Air Metals Inc., over the Toronto Venture Exchange (representing approximately 7.2% of the outstanding shares on a non-diluted basis) at a price of $0.3504 per share for aggregate consideration of $3,504,000.
Mr. Sprott now beneficially owns and controls 5,000,000 common share purchase warrants (representing approximately 3.5% on a partially diluted basis assuming exercise of such warrants), requiring an update to the early warning report to show a decrease in holdings to less than 10% of the outstanding shares. Prior to this disposition, Mr. Sprott beneficially owned and controlled 10,000,000 shares and 5,000,000 warrants (representing approximately 7.2% on a non-diluted basis and 10.4% on a partially diluted basis).
The warrants are held for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Clean Air Metals Inc., is located at Suite 217 Queen Street West, Suite 401, Toronto, ON M5J 2Y1. A copy of the early warning report with respect to the foregoing will appear on the company's profile on the System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).
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