/CNW/ - Cascadia Minerals Ltd. (" Cascadia ") (TSXV: CAM) is
Cascadia Minerals Ltd. Announces Upsizing of
Private Placement to C$2M and Closing of
First Tranche
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
April 15, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce that it has closed the first tranche of its previously announced non-brokered
private placement (see news release dated
March 19, 2024
) consisting of an aggregate of
2,020,000 flow-through units ("
FT Units
") at a price of
$0.20
per FT Unit and 2,720,000 non-flow-
through units ("
NFT Units
") at a price of
$0.18
per NFT Unit for total proceeds of
C$893,600
.
Due to significant demand, and subject to TSX Venture Exchange acceptance, Cascadia proposes
to increase the size of the private placement from the original
C$1,000,000
amount to a maximum of
C$2,000,000
(the "
Offering
"). The Offering will consist of the sale of:
i. NFT Units to be sold at a price of
$0.18
per NFT Unit; and
ii. FT Units at a price of
$0.20
per FT Unit.
"We have been very pleased with the level of interest in Cascadia and the financing to-
date,"
commented
Graham Downs
, Cascadia's President and CEO.
"Closing the first tranche allows
us to commence drilling at Catch on
May 15
th
, following up on our brand-new copper-gold
porphyry discovery. The additional funds from the upsized amount will allow us to expand our
exploration activities this season, as the junior mining sector sees renewed market interest. With
an early start to drilling, we will be well-positioned to have news to market by mid summer."
Each NFT Unit will comprise one common share and one common share purchase warrant (a "
NFT
Warrant
"). Each NFT Warrant shall be exercisable into one additional common share until
April 12,
2026
, at an exercise price of
$0.28
per NFT Warrant. Each FT Unit will comprise one flow-through
common share and one common share purchase warrant (a "
FT Warrant
") also to be issued on a
non-flow-through basis. Each FT Warrant shall be exercisable into one additional common share until
April 12, 2026
, at an exercise price of
$0.30
per FT Warrant. The exact number of NFT Units and FT
Units sold will be determined at closing of the second tranche of the Offering.
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 first tranche totalling
$35,980
and issued a total of 185,500
finder warrants ("
Finder Warrants
") to a number of finders, including PI Financial Corp., of
Vancouver, B.C.
, Castlewood Capital Corporation, of
Toronto, Ontario
, Haywood Securities Inc., of
Vancouver, B.C.
, Sightline Wealth Management, of
Toronto, Ontario
and Kreuzfeld AG, of Chur,
Switzerland. Each Finder Warrant shall be exercisable into one common share of Cascadia until
April 12, 2026
, at an exercise price of
$0.28
per Finder Warrant.
All securities issued as part of the closing of the first tranche, 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
August 13
, 2024. Cascadia intends to extend the closing of
the remaining portion of the Offering to
May 31, 2024
, subject to the receipt of all necessary
regulatory approvals, including the acceptance of the TSX Venture Exchange.
An insider of Cascadia purchased a total of 100,000 NFT Units under the first tranche of the
Offering, and Cascadia anticipates that other insiders may subscribe for additional portions of the
Offering. 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 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 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 42 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.
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 15-APR-24