Cascadia Announces Private Placement Closing
November 15 2011 - 2:36PM
Marketwired
Cascadia Resources Inc. (TSX VENTURE:CCR) (the "Corporation")
announces that it has closed its previously announced non-brokered
private placement and issued 3,005,000 Common Shares on a
flow-through basis ("Flow-through Shares") at a price of $0.12 per
share for proceeds of $360,600 (the "Private Placement"). The
Corporation waived the previously announced minimum for the Private
Placement in order to accept subscriptions prior to drilling
results being encountered. The Private Placement will be subject to
final approval by the TSX Venture Exchange and to a hold period
expiring March 16, 2012.
Pursuant to the policies of the TSX Venture Exchange and
Multilateral Instrument 61-101, the Private Placement is classified
as a "related party transaction" as Gordon Bowerman, a director of
the Corporation, and Trish Olynyk, the CFO of the Corporation
(collectively, the "Related Parties"), participated in the Private
Placement. In particular, Mr. Bowerman, his spouse and a company he
controls subscribed for 1,450,000 Flow-through Shares and Mr.
Bowerman now owns, controls or directs 5,827,832 Common Shares
(19.7 % of the outstanding Common Shares) and Ms. Olynyk subscribed
for 850,000 Flow-through Shares and now owns 1,737,944 Common
shares (5.8 % of the outstanding Common Shares).
The Private Placement was approved by one of the three
directors, Gordon Bowerman and James Evaskevich having abstained
from the vote. The director who voted determined that exemptions
from the formal valuation and minority shareholder approval
requirements under the Multilateral Instrument 61-101, are
available since the fair market value of the consideration paid by
the Related Parties in connection with the Private Placement is for
an amount less than $2,500,000.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the Policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Cascadia Resources Inc. Gordon Bowerman President
(403) 262-9177 (403) 262-8284 (FAX)