Cascadia Minerals Ltd. Announces up to C$1M Non-Brokered Private Placement with Support of Strategic Investor Michael Gentile
Cascadia Minerals Ltd. Announces up to C$1M
Non-Brokered Private Placement with Support
of Strategic Investor Michael Gentile
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
Nov. 28, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce a non-brokered private placement (the "
Offering
") of up to approximately
$1,000,000
.
Michael Gentile
, one of Cascadia's largest shareholders, plans to participate in the
financing to maintain his 9.99% position on a partially diluted basis.
The Offering will consist of the sale of:
i. Non-flow-through units (the "
NFT Units
") to be sold at a price of
$0.09
per NFT
Unit; and
ii. Critical minerals flow-through common shares (the "
FT Shares
") at a price of
$0.10
per share.
Each NFT Unit will comprise one common share and one-half of one common share purchase
warrant. Each full warrant shall be exercisable into one additional common share for twenty-four (24)
months from closing at an exercise price of
$0.15
. The exact number of NFT Units and FT Shares
sold will be determined at closing of the Offering.
The proceeds from the sale of the FT Shares will be used for "Canadian critical minerals exploration
expenses" at Cascadia's
Yukon
and
British Columbia
properties. 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.
"This financing will allow us to plan for an early start to diamond drilling at Catch in spring
2025,"
commented
Graham Downs
, Cascadia's President and CEO.
"The newly discovered Amp
Zone returned very high gold grades from outcrop sampling, including 1,065 g/t gold with 267 g/t
silver, and has never been drilled. We're excited to drill test Amp as well as continue to step-out on
known copper-gold porphyry mineralization at the Spark Zone to the south."
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. Completion of the Offering and the payment of
any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the
acceptance of the TSX Venture Exchange.
Cascadia anticipates that insiders may subscribe for a portion of the Offering. The participation of
insiders in the private placement would constitute 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 intends to rely 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 Offering would not exceed 25 per cent of the 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 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 including 3.88% copper with
30.0 g/t gold from a porphyry target, and 1,065 g/t gold with 267 g/t silver from an epithermal
target.
In addition to Catch, Cascadia is exploring the PIL Property in the Toodoggone region of
British
Columbia
, which hosts numerous porphyry copper-gold and epithermal gold targets. Multiple high-
grade showings at PIL have yet to be drilled, with rock samples including 12.25% copper with 329
g/t silver at the Zeus zone, 10.90% copper with 39.5 g/t gold and 2,680 g/t silver at the Ben zone,
and 489.71 g/t gold with 6,514 g/t silver at the Atlas zone. Work is also ongoing at the 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
, all of which have additional copper porphyry
targets.
Cascadia has approximately 53 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.
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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 08:00e 28-NOV-24