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VANCOUVER, BC, Nov. 28, 2024 /CNW/ - Cascadia Minerals Ltd. ("Cascadia") (TSXV: CAM) is pleased to announce a non-brokered private placement (the "Offering") of up to approximately $1,000,000. Michael Gentile, one of Cascadia's largest shareholders, plans to participate in the financing to maintain his 9.99% position on a partially diluted basis.
Cascadia Minerals Ltd. logo (CNW Group/Cascadia Minerals Ltd.)
The Offering will consist of the sale of:
i. Non-flow-through units (the "NFT Units") to be sold at a price of $0.09 per NFT Unit; and
ii. Critical minerals flow-through common shares (the "FT Shares") at a price of $0.10 per share.
Each NFT Unit will comprise one common share and one-half of one common share purchase warrant. Each full warrant shall be exercisable into one additional common share for twenty-four (24) months from closing at an exercise price of $0.15. The exact number of NFT Units and FT Shares sold will be determined at closing of the Offering.
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.
"This financing will allow us to plan for an early start to diamond drilling at Catch in spring 2025," commented Graham Downs, Cascadia's President and CEO. "The newly discovered Amp Zone returned very high gold grades from outcrop sampling, including 1,065 g/t gold with 267 g/t silver, and has never been drilled. We're excited to drill test Amp as well as continue to step-out on known copper-gold porphyry mineralization at the Spark Zone to the south."
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 making new copper and gold discoveries the Yukon and British Columbia. Cascadia's 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 including 3.88% copper with 30.0 g/t gold from a porphyry target, and 1,065 g/t gold with 267 g/t silver from an epithermal target.
In addition to Catch, Cascadia is exploring the PIL Property in the Toodoggone region of British Columbia, which hosts numerous porphyry copper-gold and epithermal gold targets. Multiple high-grade showings at PIL have yet to be drilled, with rock samples including 12.25% copper with 329 g/t silver at the Zeus zone, 10.90% copper with 39.5 g/t gold and 2,680 g/t silver at the Ben zone, and 489.71 g/t gold with 6,514 g/t silver at the Atlas zone. Work is also ongoing at the 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, all of which have additional copper porphyry targets.
Cascadia has approximately 53 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.
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.
