Cascadia Minerals Ltd. Announces Fully-Subscribed C$3.2M Non-Brokered Private Placement Led by Strategic Investor Michael Gentile
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June 3, 2024 – Vancouver, BC – Cascadia Minerals Ltd. (“Cascadia”) (TSX-V: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:
- 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;
- 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,
- Up to 725,000 traditional flow-through common shares at a price of $0.42 for total proceeds of up to approximately $300,000.
“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.
Finder’s fees 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.
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 45 million shares outstanding and its largest shareholders are Hecla Mining Company and Barrick Gold.
On behalf of Cascadia Minerals Ltd.
Graham Downs, President and CEO
For further information, please contact:
Andrew Carne, M.Eng., P.Eng., VP Corporate Development
Cascadia Minerals Ltd.
T: 604-688-0111 ext. 106
acarne@cascadiaminerals.com
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.
