/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
VANCOUVER, BC, Dec. 17,
2024 /CNW/ - Cascadia Minerals Ltd.
("Cascadia") (TSXV: CAM) is pleased to announce that it has
closed its previously announced non-brokered private placement for
total proceeds of C$1,750,000 (see
news release dated December 4, 2024).
Michael Gentile, a well-known
strategic investor in the junior mining sector and key supporter of
Cascadia, participated in the placement and now holds a 10.4%
position on a partially diluted basis.
The placement consisted of an aggregate of 5,555,556
non-flow-through units (the "NFT Units") at a price of
$0.09 per NFT Unit and 12,500,000
flow-through common shares for critical minerals exploration (the
"FT Shares") at a price of $0.10 per FT Share. Each NFT Unit comprises one
common share and one-half of one common share purchase warrant
(each whole such common share purchase warrant, a
"Warrant"). Each Warrant shall be exercisable into one
additional common share until December 17,
2026 at an exercise price of $0.15 per Warrant.
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.
Cascadia paid cash finders' fees totalling $80,745 and issued a total of 770,000 finder
warrants ("Finder Warrants") in connection with the
financing. Each Finder Warrant shall be exercisable into one common
share of Cascadia until December 17,
2026, at an exercise price of $0.15 per Finder Warrant.
All securities issued as part of the closing of the private
placement, including any shares that may be issued pursuant to the
exercise of the Warrants or Finders Warrants are subject to a hold
period in Canada until
April 18, 2025.
Insiders of Cascadia purchased a total of 175,000 FT Shares and
1,555,556 NFT Units in the private placement. 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 has
relied 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 private
placement did not exceed 25 per cent of 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 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 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 and the PIL Property in British Columbia, all of which have additional
copper porphyry targets. Cascadia has approximately 70 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.