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VANCOUVER, BC, June 21,
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$3,236,750 (see
news release dated June 3, 2024).
Michael Gentile, a well-known
strategic investor in the junior mining sector and early backer of
Cascadia, led the financing and increased his position to 9.99% on
a partially diluted basis.
The placement consisted of an aggregate of 4,550,000 charity
flow-through units for general critical minerals exploration (the
"CFT Units") at a price of $0.42 per CFT Unit, 2,150,000 charity
flow-through units for critical minerals exploration in
British Columbia (the "BC CFT
Units") at a price of $0.475 per
BC CFT Unit, and 725,000 traditional flow-through common shares
(the "FT Shares") at a price of $0.42.
"We're very pleased to have this financing completed and
funds in hand to commence our expanded second phase of exploration
this season," commented Graham
Downs, Cascadia's President and CEO. "The first phase of
drilling recently wrapped up at the Catch Property in Yukon, with 1,600
m of step-out drilling completed ahead of schedule and under
budget. Diamond drilling is planned to commence at our PIL Property
in BC's Toodoggone region in the second week of July, testing a
compelling road-accessible copper-gold target. Phase two drilling
at Catch is planned to commence in late July, with additional IP
geophysical surveys to be conducted in August."
Each CFT Unit and BC CFT Unit comprises one common share and
one-half of one common share purchase warrant (each whole such
common share purchase warrant, a "Warrant"), each common
share and one-half of one Warrant qualifying as a "flow-through
share" as defined in subsection 66(15) of the Income Tax Act
(Canada). All Warrants were issued
on a non-flow-through basis, and shall be exercisable into one
additional common share until June 21,
2027 at an exercise price of $0.45 per Warrant.
Cascadia paid cash finders' fees totalling $88,360 and issued a total of 294,480 finder
warrants ("Finder Warrants") to StoneGate Securities Ltd.,
of Caledon Village, Ontario, and Consultant Financier Integritas
Inc., of Montreal, Quebec.
Each Finder Warrant shall be exercisable into one common share of
Cascadia until June 21, 2027, at an
exercise price of $0.45 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
October 22, 2024.
The proceeds from the CFT Units will be used to incur expenses
which are "Canadian exploration expenses" that qualify as
"flow-through critical mineral mining expenditures," as such terms
are defined in the Income Tax Act (Canada), at Cascadia's Catch, Mack's Copper,
Milner, Idaho Creek and Sands of Time properties in Yukon.
The proceeds from the BC CFT Units will be used at Cascadia's
PIL Property in British Columbia
to incur expenses which are "Canadian exploration expenses" that
qualify as "flow-through critical mineral mining expenditures," as
such terms are defined in the Income Tax Act (Canada), and for any for a subscriber who is
either (i) an individual resident in British Columbia for the purposes of the
Income Tax Act (British
Columbia) on December 31,
2024; or (ii) an individual otherwise liable to pay income
tax in the Province of British
Columbia for his or her taxation year ending on December 31,2024, the proceeds will qualify as
"BC flow-through mining expenditures" as defined in the Income
Tax Act (British
Columbia).
An insider of Cascadia purchased a total of 22,000 FT Shares in
the private placement. The participation of this insider 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 52 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.
SOURCE Cascadia Minerals Ltd.