Cascadia International Resources Inc.
TSX VENTURE : CJ

Cascadia International Resources Inc.

November 02, 2007 15:35 ET

Cascadia Announces First Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 2, 2007) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Cascadia International Resources Inc. ("Cascadia" or the "Company") (TSX VENTURE:CJ) is pleased to announce that effective October 31, 2007, Cascadia completed the first closing of its previously announced placement of units (the "Offering"). An aggregate of 2,500,000 units ("Units") were issued at the first closing of the Offering at $0.20 per Unit for gross proceeds to the Company of $500,000. Each Unit is comprised of one common share of the Company issued on a "flow-through" basis under the Income Tax Act (Canada) (the "FT Shares") and one-half of one non-transferable common share purchase warrant (the "Warrants"). Each whole Warrant is exercisable into one common share of the Company on or before December 31, 2008 at $0.25 per share. Insiders of the Company participated in the Offering purchasing Flow-Through Units for aggregate proceeds of $307,000.

The proceeds from the offering will be used to incur eligible Canadian exploration and development expenses. The securities issued pursuant to the private placement are subject to a four-month hold period expiring on March 1, 2008. Cascadia will have 48,357,121 common shares outstanding post closing of this financing.

The second closing of the Offering is expected to occur by November 7, 2008.

All references to dollar amounts are in Canadian funds.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Cascadia International Resources Inc.
    James G. Evaskevich
    CEO
    (403) 262-9177