Cascadia Minerals Ltd. Announces Fully- Subscribed C$3.2M Non-Brokered Private Placement Led by Strategic Investor Michael Gentile
Cascadia Minerals Ltd. Announces Fully-
Subscribed C$3.2M Non-Brokered Private
Placement Led by Strategic Investor Michael
Gentile
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
June 3, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce a fully-subscribed non-brokered private placement (the "
Offering
") of up to
approximately
$3,200,000
.
Michael Gentile
, one of Cascadia's largest shareholders, is leading the
financing and plans to increase his position to 9.99% on a partially diluted basis.
The Offering will consist of the sale of:
1
.
Up to 4,550,000 critical minerals charity flow-through units for general exploration (the
"
CFT Units
") at a price of
$0.42
per CFT Unit for total proceeds of up to approximately
$1,900,000
;
2
.
Up to 2,150,000 critical minerals charity flow-through units for
British Columbia
exploration
(the
"BC CFT Units"
) at a price of
$0.475
per BC CFT Unit for total proceeds of up to
approximately
$1,000,000
; and,
3
.
Up to 725,000 traditional flow-through common shares at a price of
$0.42
for total
proceeds of up to approximately
$300,000
.
"I would like to thank Michael and our new and returning investors for their support at this exciting
time for Cascadia. This financing will allow us to significantly expand the ongoing drill program at
our Catch property, where our first 2024 diamond drill hole intersected mineralization over
140 m
on a meaningful step-out from last year's porphyry discovery hole. Additionally, this raise will also
allow us to drill test a compelling copper-gold porphyry target at our road accessible PIL property
in the heart of BC's Toodoggone region,"
commented
Graham Downs
, Cascadia's President and
CEO.
Each CFT Unit and BC CFT Unit will consist of one charity flow-through common share and one-half
of one warrant (each whole such common share purchase warrant, a "
Warrant
"). All Warrants will
be issued on a non-flow-through basis, and shall be exercisable into one additional common share
for thirty-six (36) months from closing at an exercise price of
$0.45
per Warrant.
The proceeds from the Offering 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 Offering is scheduled
to close on or before
June 21, 2024
, and is subject to regulatory acceptance.
Finder's fees 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 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 45 million shares outstanding and its largest
shareholders are Hecla Mining Company and
Barrick Gold
.
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 03-JUN-24