Vancouver, British Columbia--(Newsfile Corp. - March 21, 2025) - SASQUATCH RESOURCES CORP. (CSE: SASQ) ("Sasquatch" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Financing") (see Sasquatch's news release dated February 26, 2025). Under the over-subscribed Financing, Sasquatch has raised gross proceeds of $546,000 through the issuance of 10,920,000 units (each, a "Unit") at a price of $0.05 per Unit. Each Unit consists of one common share of the Company (each, a "Share") and one Share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase a Share at an exercise price of $0.075 until March 21, 2027.
Peter Smith, Sasquatch's CEO, said, "We are very pleased to close this offering. The funds raised will enable us to continue our efforts to address the physical and environmental hazards up on Mount Sicker, while also benefiting from the high-grade gold, copper, silver and zinc that sits in piles in historical mining waste on the property. We also have another very interesting site in Blue Grouse, about 30km from Mount Sicker, already lined-up as another potential project. The next several months should be a very interesting time for Sasquatch, and I look forward to providing further updates as we progress."
The Company intends to use the proceeds of the Financing for exploration and development of the Company's mineral properties and for general working capital. In connection with the Financing, the Company paid aggregate finder's fees of $600.
Directors and officers of the Company participated in the Financing, and such participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). This participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of such participation does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Consulting Services Agreement
The Company also announces that it has entered into a consulting services agreement with Canid Capital Corporation ("Canid"), an arm's length party, to provide comprehensive assistance in executing a marketing campaign for the Company. The term of the agreement is six months, starting on March 21, 2025. During the term, Canid will be paid CAD$30,000 (plus tax), which is payable on execution of the agreement. Canid can be reached at:372 Bay Street, Suite 1800, Toronto, ON M5H 2W9; Tel.: (416) 887-5467; Email: jd@canidcapital.com.
About the Company
Sasquatch Resources Corp. is a mineral exploration company focused on its Mount Sicker Property in southern Vancouver Island, British Columbia, and the Blue Grouse Property, located about 30km from the Mount Sicker Property on the south side of Lake Cowichan.
The Company owns its interest in the Mount Sicker Property outright, subject to an aggregate 2% net smelter returns royalty, half of which Sasquatch can repurchase by issuing an aggregate of 500,000 Sasquatch common shares to the royalty holders.
Pursuant to an option agreement, Sasquatch has the irrevocable right and option until July 2027 to conduct exploration on the Blue Grouse Property and to remove and process minerals from the surface and near-surface, including without limitation from the mineral "waste rock" and near-surface exposures up to a depth of 10m from surface. As consideration, Sasquatch is required to make such exploration expenditures on the Property to keep the claims in good standing. In addition, on commencement of commercial production on the Property, Sasquatch is required to pay $25,000 to the optionor and grant a 2% net smelter returns royalty to the optionor. Upon completion of commercial production, Sasquatch must make such exploration expenditures as are necessary to keep the claims in good standing for five years thereafter.
For further information, please refer to the Company's disclosure record on SEDAR+ (www.sedarplus.ca) or contact the Company by email at psmith@sasquatchresources.com or by telephone at 778.999.7030.
On Behalf of the Board of Directors
Peter Smith Chief Executive Officer 778.999.7030
Forward-Looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Mount Sicker Property, the proposed work program on the Mount Sicker Property and the potential and economic viability of the Mount Sicker Property. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The CSE has not reviewed, approved or disapproved the contents of this news release.
