/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, March 19, 2024 /CNW/ - Cascadia Minerals Ltd.
("Cascadia") (TSXV: CAM) is pleased to announce a
non-brokered private placement (the "Offering") of up to
$1,000,000. The Offering will consist
of the sale of:
i.
Non-flow-through units (the "NFT Units") to be sold at a
price of $0.18 per NFT Unit; and
ii. Critical
minerals flow-through units (the "FT Units") at a price of
$0.20 per FT Unit.
Each NFT Unit will comprise one common share and one common
share purchase warrant (a "NFT Warrant"). Each NFT
Warrant shall be exercisable into one additional common share for
twenty-four (24) months from closing at an exercise price of
$0.28 per NFT Warrant. Each FT Unit
will comprise one flow-through common share and one common share
purchase warrant (a "FT Warrant") also to be issued on a
non-flow-through basis. Each FT Warrant shall be exercisable into
one additional common share for twenty-four (24) months from
closing at an exercise price of $0.30
per FT Warrant. The exact number of NFT Units and FT Units sold
will be determined at closing of the Offering.
The proceeds from the sale of the FT Units 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 proceeds from the
sale of the NFT Units will be used for general working capital.
"This financing will allow us to commence follow-up diamond
drilling at Catch in mid-May," commented Graham Downs, Cascadia's President and CEO.
"We are excited to step out on the 2023 discovery hole at Catch,
which returned 116.60 m of 0.31%
copper with 0.30 g/t gold in the second-ever diamond drill hole on
the property. Catch hosts a compelling new copper-gold porphyry
discovery, with 2024 drilling planned to build on our 2023 success
and vector towards the core of the system."
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
exploring for copper and gold in 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 PIL Property in British
Columbia and the Sands of Time and Rosy properties in the
Yukon, as well as additional
early-stage regional projects. Cascadia has approximately 37
million shares outstanding and its largest shareholders are Hecla
Mining Company (19.6%) and Barrick
Gold (7.5%).
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.