/CNW/ - Cascadia Minerals Ltd. (" Cascadia ") (TSXV: CAM) is
Cascadia Minerals Ltd. Announces up to
C$1.0M Non-Brokered Private Placement
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
March 19, 2024
/CNW/ - Cascadia Minerals Ltd. ("
Cascadia
") (TSXV: CAM) is
pleased to announce a non-brokered private placement (the "
Offering
") of up to
$1,000,000
. The
Offering will consist of the sale of:
i. Non-flow-through units (the "
NFT Units
") to be sold at a price of
$0.18
per NFT
Unit; and
ii. Critical minerals flow-through units (the "
FT Units
") at a price of
$0.20
per FT Unit.
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 for twenty-four
(24) months from closing 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 for twenty-four (24) months from closing 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
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.
"This financing will allow us to commence follow-up diamond drilling at Catch in mid-
May,"
commented
Graham Downs
, Cascadia's President and CEO.
"We are excited to step out on
the 2023 discovery hole at Catch, which returned
116.60 m
of 0.31% copper with 0.30 g/t gold in
the second-ever diamond drill hole on the property. Catch hosts a compelling new copper-gold
porphyry discovery, with 2024 drilling planned to build on our 2023 success and vector towards the
core of the system."
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 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 37 million shares outstanding and its largest shareholders are
Hecla Mining Company (19.6%) and
Barrick Gold
(7.5%).
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 15:40e 19-MAR-24