VANCOUVER, BC, Aug. 24,
2023 /CNW/ - Cascadia Minerals Ltd.
("Cascadia") (TSXV: CAM) is pleased to announce that it has
closed the private placement originally announced on August 1, 2023 as amended by its news release
dated August 4, 2023. The private
placement consisted of the sale of 1,521,739 Critical Minerals
Flow-Through Units (the "FT Units") at a price of
$0.23 per Unit, and 7,382,562 Charity
Critical Minerals Flow-Through Units (the "CFT Units") at a
price of $0.25 per Unit, for total
subscription proceeds of $2,195,640.67.
Each FT Unit comprises one flow-through common share and
one-half of a transferrable common share purchase warrant issued on
a non-flowthrough basis (each whole such common share purchase
warrant, a "Warrant"). Each CFT Unit consists of one charity
flow-through common share and one-half of one Warrant. Each whole
Warrant entitles the holder to purchase one additional common share
at a price of $0.25 until
August 24, 2026.
Agentis Capital Mining Partners, of Vancouver, B.C. is acting as financial advisor
to Cascadia and will receive cash payments totaling $100,000 for financial advisory services provided
over the term of its engagement.
All of the securities issued pursuant to this private placement,
including any common shares that may be issued pursuant to the
exercise of the warrants, are subject to a hold period in
Canada until December 25, 2023.
Cascadia management and directors subscribed for 1,037,891 FT
Units. Following the close, management and directors control
approximately 4% of the issued and outstanding shares of
Cascadia.
Hecla Mining Company ("Hecla") purchased 1,772,000 CFT Units for
aggregate consideration of $318,960.
Following the close, Hecla
controls 7,274,956 common shares, being approximately 19.8% of the
issued and outstanding shares of Cascadia. Hecla also controls warrants to acquire an
additional 6,388,956 common shares. Prior to the close of the
offering, Hecla controlled
5,502,956 common shares and held warrants to acquire an additional
5,502,956 common shares. Hecla holds its common shares and warrants for
investment purposes. Hecla does
not have any present intention to acquire ownership of, or control
over, additional securities of Cascadia. It is the intention of
Hecla to evaluate its investment
in Cascadia on a continuing basis and such holdings may be
increased or decreased in the future.
About Cascadia
Cascadia is a Canadian junior mining company focused on
exploring for copper and gold in Yukon and British
Columbia. Cascadia's flagship Catch Property is a brand-new
grassroots discovery which 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. The
maiden diamond drill program at Catch is underway. 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 Yukon, as well as evaluating additional
regional opportunities.
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.