Cascadia and Granite Creek Complete Business Combination
Cascadia and Granite Creek Complete
Business Combination
VANCOUVER, BC
,
Aug. 13, 2025
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM)
(OTCQB: CAMNF) and Granite Creek Copper Ltd. ("
Granite Creek
") (TSXV: GCX) (OTCQB:
GCXXF) are pleased to announce the acquisition by Cascadia of all of the issued and outstanding
common shares of Granite Creek (the "
Granite Creek Shares
") pursuant to a court-approved plan
of arrangement under the Business Corporations Act (
British Columbia
) (the "
Arrangement
"). The
Arrangement, which became effective as of today's date, merges Granite Creek into Cascadia to
create a leading
Yukon
copper-gold exploration and development company.
Graham Downs
, President and CEO of Cascadia, commented: "We are very excited to complete
this merger, and we welcome Granite Creek Shareholders to Cascadia. The combined property
portfolio provides our shareholders with exposure to an advanced-stage copper-gold deposit at the
Carmacks Property and a compelling collection of discovery-stage copper-gold and epithermal gold
projects throughout
Yukon's
underexplored Stikine Terrane. Planning is well underway for a fully-
funded fall drill program at
Carmacks
that will focus on step-out drilling near high-grade portions of
the deposit. In the meantime, crews are conducting prospecting work at our Macks, Milner, Idaho
Creek and Rosy properties while we await results from our spring drilling at Catch".
Upon completion of the Arrangement, each Granite Creek shareholder received 0.25 (the
"
Exchange Ratio
") of a Cascadia common share (each whole share, a "
Cascadia Share
") in
exchange for each previously held Granite Creek Share, with Cascadia issuing a total of 53,070,848
million Cascadia Shares to former Granite Creek shareholders. Pursuant to the transaction,
previously outstanding stock options of Granite Creek have been exchanged for 3,747,500 stock
options of Cascadia, and warrants to acquire Granite Creek Shares have been adjusted to permit
their holders to acquire a total of 11,036,291 Cascadia Shares, in each case by applying the
Exchange Ratio to the number and exercise prices of such options and warrants.
Board of Directors of the Combined Company
Timothy Johnston
, Granite Creek's former President and CEO has joined Cascadia's board of
directors.
James Sabala
and Kurt Allen have resigned from Cascadia's board of directors. Cascadia
would like to thank Mr. Sabala and Mr. Allen for their valuable contributions, and wish them well in
their future endeavours.
Subscription Receipt Financing
Further to the private placement announced in Cascadia's
June 9, 2025
, news release and closed on
July 3, 2025
, a total of 14,459,894 subscription receipts have been converted into Cascadia Shares
and warrants ("
Warrants
"), and gross proceeds of
C$2,024,385
have been released to Cascadia.
The Cascadia Shares and Warrants issued in relation to the subscription receipts are not subject to
a resale hold period in Canada. Each Warrant will entitle the holder thereof to purchase an
additional Cascadia Share at a price of
$0.24
per share until
August 13, 2027
.
Cascadia has agreed to pay cash finders' fees totaling
$82,223
and issued a total of 587,308 finder
warrants ("
Finder Warrants
") to finders comprising Castlewood Capital Corp., Consultant Financier
Integritas Inc., Ventum Financial Corp., and BT Global Growth Inc. in connection with the
subscription receipt financing. The finders are each at arm's length to Cascadia. Each Finder
Warrant shall be exercisable on the same terms as the Warrants. The payment of these finder's
fees is subject to receipt of TSXV approval.
Additional Information about the Arrangement
Further information regarding the Arrangement is set out in the news releases of Cascadia and
Granite Creek dated
June 9, 2025
and which has been publicly filed by Cascadia and Granite Creek
under their respective profiles on SEDAR+ at
www.sedarplus.ca
and the management information
circular of Granite Creek dated
July 4, 2025
(the "
Circular
") which has been publicly filed under
Granite Creek's profile on SEDAR+ at
www.sedarplus.ca
.
About Cascadia
Cascadia's flagship asset is the Carmacks Project in the high-grade
Minto
copper district in
Yukon
Territory, Canada
. The project is located south of and within 35km of the past-producing
Minto
mine,
which was recently acquired by Selkirk Copper Mines. The Carmacks Project hosts a Measured and
Indicated Resource containing 651 Mlbs of copper and 302 koz of gold (36.3 million tonnes grading
0.81 % copper, 0.26 g/t gold, and 3.23 g/t silver and 0.01% molybdenum) with a 2023 PEA
demonstrating positive economic potential (
$230.5 M
Post-Tax NPV
(5%)
and 29% Post-Tax IRR).
Cascadia also has a pipeline of discovery stage copper-gold properties throughout the Yukon Stikine
Terrane including its Catch Property, which hosts a copper-gold porphyry discovery where inaugural
drill results returned broad intervals of mineralization (
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, 1,065 g/t gold, and 267 g/t silver.
QA/QC
The technical information in this news release has been approved by
Andrew Carne
, P.Eng., VP
Corporate Development for Cascadia and a qualified person for the purposes of National Instrument
43-101.
Prospecting grab samples referenced in this release represent highlight results only, and include
results from 2024 and previous seasons. Below detection values for copper, gold and silver have
been encountered in grab samples in these target areas. For more details on Catch drilling and
prospecting results, please see Cascadia's News Releases dated
July 25, 2024
, and
July 19
,
2023. The Mineral Resources and economic analysis disclosed here are referenced from the 2023
Technical Report on the Carmacks Project Preliminary Economic Assessment, authored by SGS
Canada Inc. for Granite Creek Copper. Pricing for the Carmacks Project PEA base case economic
analysis was US
$3.75
/lb copper, US
$1,800
/oz gold, and US
$22
/oz silver at an exchange rate of
$1
:
US$0.75
. The results of the
Carmacks
preliminary economic assessment are preliminary in
nature, it includes inferred mineral resources that are considered too speculative geologically to have
the economic considerations applied to them that would enable them to be categorized as mineral
reserves, and there is no certainty that the preliminary economic assessment will be realized.
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. Cascadia and Granite Creek undertake no obligation to update forward-looking
information, except as required by securities laws.
SOURCE
Cascadia Minerals Ltd.
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For further information:
For further information, please contact: Andrew Carne, M.Eng., P.Eng.,
VP Corporate Development, Cascadia Minerals Ltd., T: 604-688-0111 ext. 106,
CO: Cascadia Minerals Ltd.
CNW 07:00e 13-AUG-25