Cascada Silver (CSS-Cse) Closing of $1.5 Million Private Placement
June 7, '24 - NR
Cascada Silver is pleased to announce the closing of a non-brokered private placement for aggregate gross proceeds of $1,471,834 (the "Offering") on June 5, 2024. The net proceeds will be used for exploration activities on the Company's copper projects, working capital, and general corporate purposes. Research Capital Corporation was appointed as the exclusive finder for the Offering.
The Offering consisted of:
56,092,306 common shares of the Company ("Common Shares") at a price of $0.013 per Common Share for $729,200 in gross proceeds; and
57,125,676 subscription receipts of the Company ("Subscription Receipts") at a price of $0.013 per Subscription Receipt for $742,634 in gross proceeds. Each Subscription Receipt will entitle the holder thereof, without payment of any additional consideration and without further action on the part of the holder, upon the satisfaction of certain escrow release conditions, to receive one Common Share. The escrow release conditions include, but are not limited to, the Company obtaining shareholder approval for the issuance of Common Shares underlying the Subscription Receipts and the receipt of all required regulatory approvals. The proceeds from the Subscription Receipts will be held in escrow until the escrow release conditions, noted above, have been satisfied or waived. The closing of the Offering is subject to approval of the Canadian Securities Exchange. The Common Shares and Subscription Receipts issued in the Offering and the Common Shares issuable on exchange of the Subscription Receipts are subject to a statutory hold period of four months and one day from the closing of the Offering.
The Company paid a finder's fee in accordance with the policies of the Canadian Securities Exchange of $10,920, which was satisfied by the issuance to the finder of 840,000 Common Shares.
Directors and officers of the Company purchased an aggregate of 11,153,830 Subscription Receipts under the Offering. As a result, the Offering is considered a related party transaction subject to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the Offering by such directors and officers did not exceed 25% of the fair market value of the Company's market capitalization.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.
About Cascada Silver Corp.
Cascada Silver is a mineral exploration company focused on exploration opportunities in Chile. Cascada Silver's team of successful exploration professionals are dedicated to the discovery of mineral deposits that can be progressed into economically viable development projects creating value for all stakeholders.
On behalf of Cascada Silver Corp.,
Carl Hansen, CEO
Phone: 416-907-9969
For additional information, please contact us at:
IR@cascadasilver.com |
