/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES/
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.
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.
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.