Cascadia Minerals Ltd. Announces Closing of C$3.2M Financing Led by Michael Gentile /
Cascadia Minerals Ltd. Announces Closing of
C$3.2M Financing Led by Michael Gentile
/
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
June 21, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce that it has closed its previously announced non-brokered private placement for
total proceeds of
C$3,236,750
(see news release dated
June 3, 2024
).
Michael Gentile
, a well-
known strategic investor in the junior mining sector and early backer of Cascadia, led the financing
and increased his position to 9.99% on a partially diluted basis.
The placement consisted of an aggregate of 4,550,000 charity flow-through units for general critical
minerals exploration (the "
CFT Units
") at a price of
$0.42
per CFT Unit, 2,150,000 charity flow-
through units for critical minerals exploration in
British Columbia
(the
"BC CFT Units"
) at a price of
$0.475
per BC CFT Unit, and 725,000 traditional flow-through common shares (the "
FT Shares
") at
a price of
$0.42
.
"We're very pleased to have this financing completed and funds in hand to commence our
expanded second phase of exploration this season,"
commented
Graham Downs
, Cascadia's
President and CEO. "
The first phase of drilling recently wrapped up at the Catch Property in
Yukon
,
with
1,600 m
of step-out drilling completed ahead of schedule and under budget. Diamond drilling
is planned to commence at our PIL Property in BC's Toodoggone region in the second week of
July, testing a compelling road-accessible copper-gold target. Phase two drilling at Catch is
planned to commence in late July, with additional IP geophysical surveys to be conducted in
August."
Each CFT Unit and BC CFT Unit comprises one common share and one-half of one common share
purchase warrant (each whole such common share purchase warrant, a "
Warrant
"), each common
share and one-half of one Warrant qualifying as a "flow-through share" as defined in subsection
66(15) of the
Income Tax Act
(
Canada
). All Warrants were issued on a non-flow-through basis, and
shall be exercisable into one additional common share until
June 21, 2027
at an exercise price of
$0.45
per Warrant.
Cascadia paid cash finders' fees totalling
$88,360
and issued a total of 294,480 finder warrants
("
Finder Warrants
") to StoneGate Securities Ltd., of
Caledon Village
,
Ontario
, and Consultant
Financier Integritas Inc., of
Montreal
, Quebec. Each Finder Warrant shall be exercisable into one
common share of Cascadia until
June 21, 2027
, at an exercise price of
$0.45
per Finder Warrant.
All securities issued as part of the closing of the private placement, including any shares that may be
issued pursuant to the exercise of the Warrants or Finders Warrants are subject to a hold period in
Canada
until
October 22
, 2024.
The proceeds from the CFT Units will be used to incur expenses which are "Canadian exploration
expenses" that qualify as "flow-through critical mineral mining expenditures," as such terms are
defined in the
Income Tax Act
(
Canada
), at Cascadia's Catch, Mack's Copper, Milner, Idaho Creek
and Sands of Time properties in
Yukon
.
The proceeds from the BC CFT Units will be used at Cascadia's PIL Property in
British Columbia
to
incur expenses which are "Canadian exploration expenses" that qualify as "flow-through critical
mineral mining expenditures," as such terms are defined in the
Income Tax Act
(
Canada
), and for
any for a subscriber who is either (i) an individual resident in
British Columbia
for the purposes of the
Income Tax Act
(
British Columbia
) on
December 31, 2024
; or (ii) an individual otherwise liable to pay
income tax in the Province of
British Columbia
for his or her taxation year ending on
December
31,2024
, the proceeds will qualify as "BC flow-through mining expenditures" as defined in the
Income Tax Act
(
British Columbia
).
An insider of Cascadia purchased a total of 22,000 FT Shares in the private placement. The
participation of this insider 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 has relied 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 private placement did not exceed 25 per cent of Cascadia's market capitalization.
About Cascadia
Cascadia is a Canadian junior mining company focused on making new copper and gold discoveries
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 Mack's Copper and Milner
properties – recently staked Catch analogues within
Yukon's
Stikine Terrane – as well as the Sands
of Time property in the
Yukon
and the PIL Property in
British Columbia
, all of which have additional
copper porphyry targets. Cascadia has approximately 52 million shares outstanding and its largest
shareholders are Hecla Mining Company,
Michael Gentile
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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2024/21/c7523.html
%SEDAR: 00057245E
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 15:13e 21-JUN-24