Cascadia Announces Closing of Upsized Private Placement
Cascadia Announces Closing of Upsized
Private Placement
VANCOUVER, BC
,
Aug. 24, 2023
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce that it has closed the private placement originally announced on
August 1, 2023
as amended by its news release dated
August 4, 2023
. The private placement consisted of the sale
of 1,521,739 Critical Minerals Flow-Through Units (the "
FT Units
") at a price of
$0.23
per Unit, and
7,382,562 Charity Critical Minerals Flow-Through Units (the "
CFT Units
") at a price of
$0.25
per
Unit, for total subscription proceeds of
$2,195,640.67
.
Each FT Unit comprises one flow-through common share and one-half of a transferrable common
share purchase warrant issued on a non-flowthrough basis (each whole such common share
purchase warrant, a "
Warrant
"). Each CFT Unit consists of one charity flow-through common share
and one-half of one Warrant. Each whole Warrant entitles the holder to purchase one additional
common share at a price of
$0.25
until
August 24, 2026
.
Agentis Capital Mining Partners, of
Vancouver, B.C.
is acting as financial advisor to Cascadia and
will receive cash payments totaling
$100,000
for financial advisory services provided over the term
of its engagement.
All of the securities issued pursuant to this private placement, including any common shares that may
be issued pursuant to the exercise of the warrants, are subject to a hold period in
Canada
until
December 25, 2023
.
Cascadia management and directors subscribed for 1,037,891 FT Units. Following the close,
management and directors control approximately 4% of the issued and outstanding shares of
Cascadia.
Hecla Mining Company ("
Hecla
") purchased 1,772,000 CFT Units for aggregate consideration of
$318,960
. Following the close,
Hecla
controls 7,274,956 common shares, being approximately
19.8% of the issued and outstanding shares of Cascadia.
Hecla
also controls warrants to acquire an
additional 6,388,956 common shares. Prior to the close of the offering,
Hecla
controlled 5,502,956
common shares and held warrants to acquire an additional 5,502,956 common shares.
Hecla
holds
its common shares and warrants for investment purposes.
Hecla
does not have any present intention
to acquire ownership of, or control over, additional securities of Cascadia. It is the intention of
Hecla
to evaluate its investment in Cascadia on a continuing basis and such holdings may be increased or
decreased in the future.
About Cascadia
Cascadia is a Canadian junior mining company focused on exploring for copper and gold in
Yukon
and
British Columbia
. Cascadia's flagship Catch Property is a brand-new grassroots discovery which
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. The maiden diamond drill
program at Catch is underway. 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
Yukon
, as well as
evaluating additional regional opportunities.
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.
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For further information:
Andrew Carne, M.Eng., P.Eng., VP Corporate Development, Cascadia
Minerals Ltd., T: 604-688-0111 ext. 106, [email protected]
CO: Cascadia Minerals Ltd.
CNW 16:07e 24-AUG-23