Cascadia Announces Closing of C$3M Private Placement
The Placement consisted of the sale of 13,043,479 common shares (each a 'FT Share') at a price of $0.23 per FT Share for total gross proceeds of $3,000,000. Each FT Share will qualify as a 'flow-through share' within the meaning of subsection 66(15) of the Income Tax Act (Canada) ('Tax Act'). The FT Shares are subject to a hold period under applicable Canadian securities laws until December 16, 2025.
'With this financing and the Granite Creek acquisition completed we are fully funded to complete our first phase of resource expansion work at the Carmacks project,' stated Graham Downs, Cascadia's President and CEO. 'Work is scheduled to commence in early September, with two drills booked and up to 4,000 m of drilling planned this fall. Our technical team continues to review the Carmacks project data, and has identified numerous compelling step-out targets around the existing resource. We're excited to have work underway shortly at this road-accessible property with existing infrastructure and a low cost of drilling.'
The gross proceeds from the issuance and sale of the FT Shares will be used for 'Canadian exploration expenses' that qualify as 'flow-through critical mineral mining expenditures', as both terms are defined in the Tax Act (the 'Qualifying Expenditures'). The Qualifying Expenditures will be incurred on or before December 31, 2026, and will be renounced to the subscribers with an effective date no later than December 31, 2025, in an aggregate amount not less than the gross proceeds raised from the issuance of the FT Shares. No finder's fees were paid on any portion of the Placement.
The proceeds from the Placement will be used for critical minerals exploration on Cascadia's Yukon properties, primarily at the Carmacks Project.
About Cascadia
Cascadia's flagship asset is the Carmacks Project in the high-grade Minto copper district in Yukon Territory, Canada. The project is located 35km south of the past-producing Minto mine, which was recently acquired by Selkirk Copper Mines. The Carmacks Project hosts a Measured and Indicated Resource containing 651 Mlbs of copper and 302 koz of gold (36.3 million tonnes grading 0.81 % copper, 0.26 g/t gold, and 3.23 g/t silver and 0.01% molybdenum) with a 2023 PEA demonstrating positive economic potential ($230.5M Post-Tax NPV(5%) and 29% Post-Tax IRR).
Cascadia also has a pipeline of discovery stage copper-gold properties throughout the Yukon Stikine Terrane including its Catch Property, which hosts a copper-gold porphyry discovery where inaugural drill results returned broad intervals of mineralization (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, 1,065 g/t gold, and 267 g/t silver.
QA/QC
The technical information in this news release has been approved by Andrew Carne, P.Eng., VP Corporate Development for Cascadia and a qualified person for the purposes of National Instrument 43-101.
Prospecting grab samples referenced in this release represent highlight results only, and include results from 2024 and previous seasons. Below detection values for copper, gold and silver have been encountered in grab samples in these target areas. For more details on Catch drilling and prospecting results, please see Cascadia's News Releases dated July 25, 2024, and July 19, 2023. The Mineral Resources and economic analysis disclosed here are referenced from the 2023 Technical Report on the Carmacks Project Preliminary Economic Assessment, authored by SGS Canada Inc. for Granite Creek Copper. Pricing for the Carmacks Project PEA base case economic analysis was US $3.75/lb copper, US $1,800/oz gold, and US $22/oz silver at an exchange rate of $1:US$0.75. The results of the Carmacks preliminary economic assessment are preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
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. Cascadia and Granite Creek undertake no obligation to update forward-looking information, except as required by securities laws.
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