Clean Air Metals Inc. (TSXV: AIR | FSE: CKU | OTCID: CLRMF) and Fiore-backed Springbok Ventures Inc. have announced a significant regulatory reclassification of their proposed business combination, with the TSX Venture Exchange advising that the deal will be treated as an acquisition under Policy 5.3 rather than a reverse takeover. Trading in Clean Air Metals shares, halted since August 19, 2026, is expected to resume at market open on October 7, 2026. The reclassification removes the reverse takeover designation and brings different TSXV procedural requirements, including customary escrow terms, into play for the transaction.

Key Points

  • Clean Air Metals Inc. (TSXV: AIR | FSE: CKU | OTCID: CLRMF) and Springbok Ventures Inc. announced the update on October 6, 2026
  • The TSXV reclassified the proposed deal from a reverse takeover to an acquisition under Policy 5.3, triggering resumption of trading
  • A non-brokered private placement closed September 22, 2026, raising approximately C$6.2 million in gross proceeds
  • Investors should watch for TSXV final approval and satisfaction of all escrow release and closing conditions

TSXV Reclassifies Clean Air Metals and Springbok Deal Under Policy 5.3

The TSXV issued a bulletin on October 6, 2026, advising that the proposed business combination between Clean Air Metals and Springbok Ventures will be reviewed as an acquisition of Springbok by Clean Air Metals under TSXV Policy 5.3 — Acquisitions and Dispositions of Non-Cash Assets — rather than as a reverse takeover under Policy 5.2. The TSXV's review of the transaction remains ongoing, and completion is subject to exchange approval and satisfaction of all applicable requirements. Escrow terms customary for a Policy 5.3 transaction are expected to apply to certain Clean Air Metals securities issued in connection with the deal.

Share Trading Halt Lifted After August 19 Suspension

Trading in Clean Air Metals common shares was halted effective 12:12 p.m. Pacific time on August 19, 2026, pending the TSXV's review of the proposed transaction as a reverse takeover. Following the reclassification announcement, the exchange confirmed that trading is expected to resume at market open on October 7, 2026. The immediate share price impact was not clear from available public information. All previously announced terms of the transaction under the amalgamation agreement dated July 31, 2026, remain unchanged, the release states.

C$6.2 Million Financing and Planned Rebrand to Dante Metals Corp.

On September 22, 2026, Clean Air Metals closed a non-brokered private placement of 10,050,000 subscription receipts at C$0.50 each and 2,090,909 flow-through subscription receipts at C$0.55 each, for aggregate gross proceeds of approximately C$6.2 million. Subject to escrow release conditions being met, holders will receive post-consolidation common shares immediately prior to the amalgamation effective time. The combined company is planned to be rebranded as Dante Metals Corp., focusing on the Thunder Bay North Critical Minerals Project in northwestern Ontario and Springbok's Maude Lake Property. A 10-for-one share consolidation is planned immediately prior to closing.