Calgary, Alberta–(September 9, 2024) – Cassiar Gold Corp. announces that, in continuation of its previous news release on September 3, 2024, it plans to offer charitable flow through units (CFT Units) and flow through units (Units) to raise a total of C$1 million in gross proceeds for its flagship Cassiar Gold Project in northern British Columbia, Canada.
The Units will be priced at C$0.35 per Unit, while the CFT Units will be priced at C$0.37 per CFT Unit. Each Unit and CFT Unit will consist of one common share in the Company issued as a “flow-through share” under the Income Tax Act (Canada), along with one Common Share purchase warrant. The Warrants will be exercisable by the holders to acquire one Common Share at a price of C$0.50 for a period of 24 months after the closing date of the Offering.
The proceeds from the Offering will be utilized by the Company to incur Qualifying Expenditures by December 31, 2025. These expenses will qualify as “Canadian exploration expenses” and as “flow-through critical mineral mining expenditures” under the Income Tax Act (Canada). The Company will renounce all Qualifying Expenditures to the applicable subscribers of the Units on December 31, 2024.
Insiders of the Company participating in the Offering will be subject to related party transaction regulations as defined in Multilateral Instrument 61-101. The Company plans to rely on exemptions from formal valuation and minority shareholder requirements under certain sections of MI 61-101 due to the size relative to the Company’s market capitalization.
The Offering is expected to close by September 30, 2024, pending necessary approvals including the TSX Venture Exchange’s approval. The securities issued as part of the Offering will be subject to a four-month hold period in accordance with applicable securities laws.
Cassiar Gold Corp. is a Canadian gold exploration company with a 100% interest in the Cassiar Gold Property in British Columbia, Canada. The Company also holds interests in properties in the Sheep Creek gold camp in British Columbia. The Cassiar Gold Property has a significant inferred resource estimate at Taurus Deposit, while the Sheep Creek gold district has a historical record of substantial gold production.
The Company acknowledges and respects the rights of Traditional First Nations in the areas where it operates.
For further information:
Jason Shepherd
VP Investor Relations
Cassiar Gold Corp.
E-mail: jasons@cassiargold.com
Phone: 250-212-2122
This press release may contain forward-looking statements, and readers are advised to exercise caution as actual results may differ from those anticipated due to various factors and risks. The Company undertakes no obligation to update or revise forward-looking statements unless required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the accuracy of this release.
Source: Cassiar Gold Corp.
