Cascade Copper Closes First Tranche of Financing
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Vancouver, British Columbia – TheNewswire - October 10, 2024 - Cascade Copper Corp. (CSE: “CASC”) (“Cascade” or the “Company”) is pleased to announce that it has closed a tranche of its previously announced non-brokered private placement of units (“Units”), for aggregate gross proceeds of $25,000 (CDN) (the “Offering”).
This tranche of the Offering consisted of the issuance of an aggregate of 357,143 Critical Minerals Flow Through units at a price of $0.07 per Unit and were comprised of one common share and one half common share purchase warrant (“Warrant”). Each full Warrant is exercisable into common shares at a price of
$0.10 for a period of 24 months from the closing of the Offering (the “Closing Date”).
The Offering is subject to all necessary regulatory approvals including acceptance from the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a four-month hold period from the Closing Date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The gross proceeds from the sale of the FT Shares, which will qualify as a “flow-through share” (as defined in subsection 66(15) of the Income Tax Act (Canada)), will be used primarily to incur eligible Critical Mineral Canadian Exploration Expenses and will be used primarily to fund a drilling program at the Company’s flagship Rogers Creek Copper Project in BC.
The Offering is scheduled to close in tranches and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange.
The Offering is being made by way of private placement in Canada and such other jurisdictions as the Company may determine.
The Company intends to renounce the Qualifying Expenditures to subscribers of Flow-Through Units for the fiscal year ending December 31, 2024, and to incur the necessary Qualifying Expenditures on or before December 31, 2025, in accordance with regulatory requirements.
The Company is an exploration stage natural resource company engaged in the evaluation, acquisition,
and exploration of mineral resource properties with the intention, if warranted, of placing them into production. The Company is focused on exploration, development, and acquisition of quality exploration properties.
More specifically, Cascade’s objective is to conduct an exploration program on its flagship Rogers Creek Property located in the Coast Mountain Belt of British Columbia about 90 kilometres northeast of Vancouver, in the Southwest Mining Region. Cascade currently now has five projects, including the Centrefire Copper Project, the Copper Plateau Copper-Moly Project, Fire Mountain Copper-Gold Project, the Bendor Gold Project, and the flagship Rogers Creek Copper-Gold Project.
FOR FURTHER INFORMATION, PLEASE CONTACT:
CASCADE COPPER CORP.
Jeffrey S. Ackert, President and CEO
Vancouver, BC V6E 4A4
Telephone: 1 613 851 7699
E-Mail: info@cascadecopper.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
DISCLAIMER & FORWARD-LOOKING STATEMENTS
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements are based on assumptions and address future events and conditions, and by their very nature involve inherent risks and uncertainties. Although these statements are based on currently available information, Cascade Copper Corp. provides no assurance that actual results will meet management’s expectations. Factors which cause results to differ materially are set out in the Company’s documents filed on SEDAR. Undue reliance should not be placed on “forward looking statements.”