Cascadia International Resources Inc.

Cascadia International Resources Inc.

January 04, 2005 17:50 ET

Cascadia Announces Closing of Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CASCADIA INTERNATIONAL RESOURCES INC.

TSX VENTURE SYMBOL: CJ

JANUARY 4, 2005 - 17:50 ET

Cascadia Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2005) - Cascadia International
Resources Inc. (TSX VENTURE:CJ) ("Cascadia") is pleased to announce it
has completed its previously announced non-brokered private placement of
units (the "Offering"). 3,262,500 units ("Units") were sold under the
Offering at $0.40 per Unit for gross proceeds of $1,305,000. Each Unit
is comprised of one common share of the Corporation issued on a
"flow-through" basis under the Income Tax Act (Canada) (the "FT Shares")
and one-half of one common share purchase warrant (the "Warrants"), with
each whole Warrant exercisable for a period of 12 months at $0.60 per
share. The FT Shares and Warrants are subject to a four month hold
period, expiring on May 1, 2005.

The proceeds from the Offering will be used to incur eligible Canadian
Exploration and Development Expenses. Funds will be used to drill the
Norton property in northern Ontario and initiate the Raglan property
2005 exploration program (see press release dated December 1, 2004).

Cascadia also confirms it has granted options to purchase 326,250 common
shares at a price of $0.40 per share to directors, officers, and
consultants of Cascadia.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Cascadia International Resources Inc.
    James G. Evaskevich
    President
    (403) 262-9177
    (403) 262-8284 (FAX)
    Email: info@cascadiaintl.com
    Website: www.cascadiaintl.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    and accuracy of this release.