/CNW/ - Cascadia Minerals Ltd. (" Cascadia ") (TSXV: CAM) is
Cascadia Minerals Ltd. Announces Further
Increase in Private Placement Offering
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
Dec. 4, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce that, subject to regulatory acceptance, it will increase the size of the non-
brokered private placement previously announced on
November 28, 2024
and
November 29, 2024
,
to a maximum of
$1,750,000
(the "
Upsized
Offering
").
The Upsized 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 Upsized 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.
Finder's fees or brokers' commissions may be paid in accordance with TSX Venture Exchange
policies. All securities issued as part of the Upsized Offering will be subject to a hold period in
Canada
of four months plus one day from the closing of the Upsized Offering. Completion of the
Upsized 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 Upsized 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 Upsized 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.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any
securities in any jurisdiction. Any securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or
sold in
the United States
or to a U.S. person in the absence of such registration or an exemption
from the registration requirements of the Securities Act and applicable U.S. state securities laws.
The issuer will not make any public offering of the securities in
the United States
.
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 04-DEC-24