Private placement: CJ.V Some people call this the next Voisey Bay.
Please let me know if anyone would be interested in this placement. (david@capitalstreetgroup.com)
Cascadia to acquire 50% interest in Mum claims
2007-03-15 10:04 ET - News Release
Mr. James Evaskevich reports
CASCADIA ANNOUNCES BAKER LAKE NICKEL PROJECT
Cascadia International Resources Inc. has signed a letter of intent to earn a 50-per-cent interest in the Mum claims held by Tanqueray Resources Ltd. in the Baker Lake region of Nunavut.
Cascadia will provide a cash payment of $50,000 and will issues 100,000 common shares to Tanqueray, and pledge to spend a minimum of $200,000 on exploration in the first year of the deal. In the second year, Cascadia will issue 200,000 common shares to Tanqueray and complete a minimum 1,000-metre drill program to earn a 50-per-cent interest in the Mum claims. Upon Cascadia earning a 50-per-cent interest, the parties have agreed to enter into a joint venture agreement. Cascadia will be able to use Tanqueray's field camp adjacent to the Mum claims while exploring the Mum property.
The Mum property consists of 55,382 acres on 22 claims, located approximately 75 kilometres southwest of the hamlet of Baker Lake. The Mum claims have a komatiitic nickel, platinum, palladium potential and a Thelon basin uranium potential. They are located approximately 25 kilometres southeast of the Kiggavik-Sissons uranium project, the End uranium project and the Andrew Lake uranium project on the eastern side of the Thelon sandstone basin. Grab samples from an area near the centre of the Mum claims assayed up to 11 per cent nickel, and 16 grams per tonne of platinum and palladium. Cascadia intends to fly an airborne electromagnetic, magnetic and radiometric survey over the entire property this year, as well as ground reconnaissance in order to prepare for a 2008 summer drill program.
Cascadia also intends to complete a non-brokered private placement of a maximum of three million units at 12 cents per unit. Each unit will comprise one common share of the corporation issued on a flow-through basis under the Income Tax Act (Canada) and one-half of one common share purchase warrant, with each whole warrant exercisable at any time up to Dec. 31, 2007, at 15 cents per share. The offering is subject to approval by the TSX Venture Exchange. The proceeds from the offering will be used to incur eligible Canadian exploration and development expenses. In particular, the offering will provide the funds required for the 2007 Baker Lake project.
Robert (Bob) Middleton has resigned from the board of directors of Cascadia, effective immediately, but has agreed to join the advisory board of Cascadia so as to limit his time commitments to the company to technical matters only. The company wishes to thank Mr. Middleton for efforts on the board and welcomes him to the advisory board. |
