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VANCOUVER, BC, June 3, 2024 /CNW/ - Cascadia Minerals Ltd. ("Cascadia") (TSXV: CAM) is pleased to announce a fully-subscribed non-brokered private placement (the "Offering") of up to approximately $3,200,000. Michael Gentile, one of Cascadia's largest shareholders, is leading the financing and plans to increase his position to 9.99% on a partially diluted basis.
The Offering will consist of the sale of:
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Up to 4,550,000 critical minerals charity flow-through units for general exploration (the "CFT Units") at a price of $0.42 per CFT Unit for total proceeds of up to approximately $1,900,000;
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Up to 2,150,000 critical minerals charity flow-through units for British Columbia exploration (the "BC CFT Units") at a price of $0.475 per BC CFT Unit for total proceeds of up to approximately $1,000,000; and,
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Up to 725,000 traditional flow-through common shares at a price of $0.42 for total proceeds of up to approximately $300,000.
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"I would like to thank Michael and our new and returning investors for their support at this exciting time for Cascadia. This financing will allow us to significantly expand the ongoing drill program at our Catch property, where our first 2024 diamond drill hole intersected mineralization over 140 m on a meaningful step-out from last year's porphyry discovery hole. Additionally, this raise will also allow us to drill test a compelling copper-gold porphyry target at our road accessible PIL property in the heart of BC's Toodoggone region," commented Graham Downs, Cascadia's President and CEO.
Each CFT Unit and BC CFT Unit will consist of one charity flow-through common share and one-half of one warrant (each whole such common share purchase warrant, a "Warrant"). All Warrants will be issued on a non-flow-through basis, and shall be exercisable into one additional common share for thirty-six (36) months from closing at an exercise price of $0.45 per Warrant.
The proceeds from the Offering will be used for "Canadian critical minerals exploration expenses" at Cascadia's Catch, Mack's Copper, Milner, Idaho Creek and Sands of Time Properties in Yukon, and the PIL Property in British Columbia. These expenditures will qualify as "critical mineral flow-through mining expenditures" within the meaning of the Income Tax Act (Canada). The Offering is scheduled to close on or before June 21, 2024, and is subject to regulatory acceptance.