Cascadia Minerals Ltd. Announces C$2M Critical Minerals Flow-Through Private Placement
Cascadia Minerals Ltd. Announces C$2M
Critical Minerals Flow-Through Private
Placement
VANCOUVER, BC
,
Aug. 1, 2023
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce a non-brokered private placement (the "
Offering
") of up to
$2,000,000
. The
Offering will consist of the sale of:
i.
ii.
Up to 1,304,348 critical minerals flow-through units (the "FT Units") at a price of $0.23 per FT Unit for total proceeds of up to $300,000; and
Up to 6,800,000 critical minerals charity flow-through units (the "CFT Units") at a price of $0.25 per CFT Unit for total proceeds of up to $1,700,000.
Each FT Unit will comprise one flow-through common share and one-half of a non-transferrable
common share purchase warrant (each whole such common share purchase warrant, a "
Warrant
").
Each CFT Unit will consist of one charity flow-through common share and one-half of one Warrant.
All Warrants to be issued on a non-flow-through basis. Each Warrant shall be exercisable into one
additional common share for thirty-six (36) months from closing at an exercise price of
$0.25
per
Warrant.
The proceeds from the Offering will be used for "Canadian critical minerals exploration expenses" at
Cascadia's Catch Property 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 Offering is scheduled to close on or about
August 24, 2023
, and is subject to
regulatory acceptance.
"This financing supports our 2023 exploration program in
Yukon
and BC, which will be anchored
by a maiden
2,500 m
diamond drill program at the Catch Property,"
commented
Graham Downs
,
Cascadia's President and CEO.
"Drilling is anticipated to start at Catch on
August 7
th
, and will be
the first diamond holes every drilled on the property – testing high-grade copper and gold at
surface with coincident geophysical anomalies at depth. Funds will also be used to support
geophysical surveys, prospecting and mapping at the PIL Property in
British Columbia
. Raising
these critical metals flow-through funds will allow us to effectively drill-test two target areas at
Catch, and complete geophysical surveys at PIL to prioritize targets for drilling in 2024."
Finder's fees or brokers' commissions may be paid in accordance with TSX Venture Exchange
policies. All securities issued as part of the Offering will be subject to a hold period in
Canada
of four
months plus one day from the closing of the Offering.
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. Diamond drilling is planned to
commence at Catch in early August. In addition to Catch, Cascadia is conducting exploration work at
its PIL Property in
British Columbia
and the Rosy property 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 08:00e 01-AUG-23