/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
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.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2024/21/c7523.html
