Cascadia Minerals Ltd. Announces Closing of Financing
Cascadia Minerals Ltd. Announces Closing of
Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
VANCOUVER, BC
,
May 6, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce that it has closed the second and final tranche of its previously announced non-
brokered private placement for total proceeds of
C$1,518,400
(see news releases dated
March 19,
2024
and
April 15, 2024
). The second tranche consisted of an aggregate of 2,015,000 flow-through
units ("
FT Units
") at a price of
$0.20
per FT Unit and 1,232,223 non-flow-through units ("
NFT
Units
") at a price of
$0.18
per NFT Unit for proceeds of
C$624,800
.
Each NFT Unit comprises one common share and one common share purchase warrant (a "
NFT
Warrant
"). Each NFT Warrant shall be exercisable into one additional common share until
May 3,
2026
, at an exercise price of
$0.28
per NFT Warrant. Each FT Unit comprises one flow-through
common share and one common share purchase warrant (a "
FT Warrant
") also issued on a non-
flow-through basis. Each FT Warrant shall be exercisable into one additional common share until
May 3, 2026
, at an exercise price of
$0.30
per FT Warrant.
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 second tranche totalling
$25,466
and issued a total of
128,450 finder warrants ("
Finder Warrants
") to a number of finders, including StoneGate Securities
Ltd., of
Caledon Village
,
Ontario
, Raymond James Ltd., of
Vancouver, B.C.
, Canaccord Genuity
Corp., of
Vancouver, B.C.
, and Haywood Securities Inc., of
Vancouver, B.C.
. Each Finder Warrant
shall be exercisable into one common share of Cascadia until
May 3, 2026
, at an exercise price of
$0.28
per Finder Warrant. (As disclosed in its
April 15, 2024
news release, Cascadia also paid cash
finders' fees of
$35,980
and issued 185,500 Finder Warrants in respect of the closing of the initial
tranche, each Finder Warrant being exercisable for one common share of Cascadia at
$0.28
until
April 12, 2026
.)
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 NFT Warrants, the FT Warrants, and the Finder Warrants, are
subject to a hold period in
Canada
until
September 4
, 2024.
Insiders of Cascadia purchased a total of 30,000 FT Units and 666,667 NFT Units under the second
tranche of the private placement. 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 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 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 45 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.
The securities referred to in this news release have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold within
the United
States
or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable
exemption from the U.S. registration requirements. This news release does not constitute an offer
for the sale of securities, nor a solicitation for offers to buy any securities. Any public offering of
securities in
the United States
must be made by means of a prospectus containing detailed
information about the company and management, as well as financial statements.
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 06-MAY-24