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VANCOUVER, BC, April 15,
2024 /CNW/ - Cascadia Minerals Ltd.
("Cascadia") (TSXV: CAM) is pleased to announce that it has
closed the first tranche of its previously announced non-brokered
private placement (see news release dated March 19, 2024) consisting of an aggregate of
2,020,000 flow-through units ("FT Units") at a price of
$0.20 per FT Unit and 2,720,000
non-flow-through units ("NFT Units") at a price of
$0.18 per NFT Unit for total proceeds
of C$893,600.
Due to significant demand, and subject to TSX Venture Exchange
acceptance, Cascadia proposes to increase the size of the private
placement from the original C$1,000,000 amount to a maximum of C$2,000,000 (the "Offering"). The Offering
will consist of the sale of:
i.
NFT Units to be sold at a price of $0.18 per NFT Unit; and
ii.
FT Units at a price of $0.20 per FT
Unit.
"We have been very pleased with the level of interest in
Cascadia and the financing to-date," commented
Graham Downs, Cascadia's President
and CEO. "Closing the first tranche allows us to commence
drilling at Catch on May
15th, following up on our brand-new copper-gold
porphyry discovery. The additional funds from the upsized amount
will allow us to expand our exploration activities this season, as
the junior mining sector sees renewed market interest. With an
early start to drilling, we will be well-positioned to have news to
market by mid summer."
Each NFT Unit will comprise one common share and one common
share purchase warrant (a "NFT Warrant"). Each NFT
Warrant shall be exercisable into one additional common share until
April 12, 2026, at an exercise price
of $0.28 per NFT Warrant. Each FT
Unit will comprise one flow-through common share and one common
share purchase warrant (a "FT Warrant") also to be issued on
a non-flow-through basis. Each FT Warrant shall be exercisable into
one additional common share until April 12,
2026, at an exercise price of $0.30 per FT Warrant. The exact number of NFT
Units and FT Units sold will be determined at closing of the second
tranche of the Offering.
The proceeds from the sale of the FT Units will be used for
"Canadian critical minerals exploration expenses" at Cascadia's
Catch, Mack's Copper, Milner, Idaho Creek and Sands of Time
Properties in Yukon, and the PIL
Property in British Columbia.
These expenditures will qualify as "critical mineral flow-through
mining expenditures" within the meaning of the Income Tax Act
(Canada). The proceeds from the
sale of the NFT Units will be used for general working capital.
Cascadia paid cash finders' fees for the first tranche totalling
$35,980 and issued a total of 185,500
finder warrants ("Finder Warrants") to a number of finders,
including PI Financial Corp., of Vancouver, B.C., Castlewood Capital
Corporation, of Toronto, Ontario,
Haywood Securities Inc., of Vancouver,
B.C., Sightline Wealth Management, of Toronto, Ontario and Kreuzfeld AG, of Chur,
Switzerland. Each Finder Warrant shall be exercisable into
one common share of Cascadia until April 12,
2026, at an exercise price of $0.28 per Finder Warrant.
All securities issued as part of the closing of the first
tranche, including any shares that may be issued pursuant to the
exercise of the NFT Warrants, the FT Warrants, and the Finder
Warrants, are subject to a hold period in Canada until August
13, 2024. Cascadia intends to extend the closing of
the remaining portion of the Offering to May
31, 2024, subject to the receipt of all necessary regulatory
approvals, including the acceptance of the TSX Venture
Exchange.
An insider of Cascadia purchased a total of 100,000 NFT Units
under the first tranche of the Offering, and Cascadia anticipates
that other insiders may subscribe for additional portions of the
Offering. The participation of insiders in the private placement
constitutes a related party transaction, within the meaning of
TSX-V Policy 5.9 and Multilateral Instrument 61-101 – Protection of
Minority Security Holders in Special Transactions ("MI
61-101"). Cascadia intends to rely on exemptions from the
formal valuation and minority shareholder approval requirements
provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis
that the fair market value (as determined under MI 61-101) of
insider participation in the Offering would not exceed 25 per cent
of the Cascadia's market capitalization.
About Cascadia
Cascadia is a Canadian junior mining company focused on
exploring for copper and gold in the Yukon and British
Columbia. Cascadia's flagship Catch Property in the
Yukon hosts a brand-new
copper-gold porphyry discovery where inaugural drill results
returned broad intervals of mineralization, including 116.60 m of 0.31% copper with 0.30 g/t gold.
Catch exhibits extensive high-grade copper and gold mineralization
across a 5 km long trend, with rock samples returning peak values
of 3.88% copper and 30.00 g/t gold.
In addition to Catch, Cascadia is conducting exploration work at
its PIL Property in British
Columbia and the Sands of Time and Rosy properties in the
Yukon, as well as additional
early-stage regional projects. Cascadia has approximately 42
million shares outstanding and its largest shareholders are Hecla
Mining Company and Barrick Gold.
The technical information in this news release has been approved
by Andrew Carne, M.Eng., P.Eng., VP
Corporate Development for Cascadia and a qualified person for the
purposes of National Instrument 43-101.
On behalf of Cascadia Minerals Ltd.
Graham Downs, President and
CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Cautionary note regarding
forward-looking statements:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ materially
from those contemplated by these statements. The statements in this
press release are made as of the date of this press release. The
Company undertakes no obligation to update forward-looking
information, except as required by securities laws.
SOURCE Cascadia Minerals Ltd.