Cassiar Gold Provides Additional Details of Previously Closed Private Placement
Cassiar Gold Provides Additional Details of
Previously Closed Private Placement
Calgary, Alberta--(Newsfile Corp. - May 15, 2024) -
Cassiar Gold Corp. (TSXV: GLDC) (OTCQX:
CGLCF)
("
Cassiar Gold
" or the "
Company
") is pleased to announce that, further to its news release of
May 3, 2024 in connection with the closing of its non-brokered private placement of units ("
Units
"), flow-
through units (the "
FT Units
") and charity FT Units (the "
Offering
"), the Company wishes to provide the
following additional details of the Offering.
"We are extremely pleased with the overwhelming interest in this insider-led, upsized and well
oversubscribed non-brokered equity financing. Broadly distributed, and now with over 17 international
institutions as stakeholders, it stands as a testament to the intrinsic value and potential of the Cassiar
Gold property," stated Marco Roque, CEO of Cassiar Gold. "Our fully funded 2024 exploration program
has us eagerly anticipating the opening of camp. Our drilling and field campaigns will commence in the
next few weeks as we focus on expanding the resource base for the property to unlock value for our
shareholders."
In connection with the Offering, the Company has paid certain finders (the "
Finders
") a total of $230,245
in cash and 918,540 common share purchase warrants of the Company (the "
Finder's Warrants
").
Each Finder's Warrant is exercisable by the holder to acquire one common share of the Company at a
price of C$0.50 for a period of 24 months following the closing date of the Offering. The Finder's
Warrants are subject to a four-month hold period under applicable securities laws.
Insiders of the Company subscribed for a total of 800,000 Units and 599,999 FT Units for aggregate
gross proceeds of $409,999.65. Such participation is subject to the TSX Venture Exchange ("
TSXV
")
Policy 5.9 and Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions
as previously disclosed in the Company's press release of May 3, 2024. The Offering
remains subject to final acceptance of the TSXV.
The securities offered have not been, nor will they be, registered under the
United States Securities Act
of 1933
, as amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful.
About Cassiar Gold Corp.
Cassiar Gold Corp. is a Canadian gold exploration company holding a 100% interest in its flagship
Cassiar Gold Property located in British Columbia, Canada. The Cassiar Gold property spans 590 km
2
and consists of two main project areas: Cassiar North, which hosts a NI 43-101-compliant inferred
resource estimate of 1.4Moz at 1.14 g/t Au (cutoff grade of 0.5 g/t Au) known as the Taurus Deposit (see
National Instrument 43-101 Technical Report on the Cassiar Gold property, April 28, 2022, by S.
Zelligan, J. Moors, C. Jolette, which is available on SEDAR+); and Cassiar South, which hosts numerous
gold showings, historical workings, and exploration prospects. Historical underground mines in the
Cassiar South area have yielded over 315,000 oz of Au at average head grades of between 10 and 20
g/t Au1, underscoring the high potential for further discovery and expansion of high-grade orogenic gold
veins.
The Company also holds a 100% interest in properties covering most of the Sheep Creek gold camp
located near Salmo, British Columbia, Canada. The Sheep Creek gold district ranks as the third largest
past-producing orogenic gold district in British Columbia with historical gold production of 742,000
ounces gold at an average grade of 14.7 g/t gold from 1900 to 1951. Minimal exploration work has been
conducted since the 1950s.
Cassiar Gold Corp. acknowledges, respects, and supports the rights of Traditional First Nations in the
lands and communities where we operate.
CONTACT INFORMATION
Marco Roque, President and Chief Executive Officer
Cassiar Gold Corp.
E-mail:
Phone: 250-212-2122
Forward-Looking Statements
This news release may contain forward looking statements including those describing the Company's
future plans and the expectations of management that a stated result or condition will occur. Any
statement addressing future events or conditions necessarily involves inherent risk and uncertainty.
Actual results can differ materially from those anticipated by management at the time of writing due to
many factors, the majority of which are beyond the control of the Company and its management. In
particular, this news release contains forward-looking statements pertaining, directly or indirectly, the
use of the proceeds of the Offering, the Company's exploration plans and work commitments, mineral
resource estimates and the assumptions underlying such estimates, and economic factors, business
and operations strategies.
Although the Company believes that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very nature they involve
inherent risks and uncertainties, actual results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not limited to, general economic, market
or business conditions, risks associated with the exploration and development industry in general
(e.g., operational risks in development, exploration and production; the uncertainty of mineral
resource estimates; the uncertainty of estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks), constraint in the availability of services,
commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in
legislation impacting the mining industry, adverse weather conditions and uncertainties resulting from
potential delays or changes in plans with respect to exploration or development projects or capital
expenditures.
Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive.
These statements speak only as of the date of this release or as of the date specified in the
documents accompanying this release, as the case may be. The Company undertakes no obligation
to publicly update or revise any forward-looking statements except as expressly required by
applicable securities laws.
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
release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
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https://www.newsfilecorp.com/release/209294