Cascade Resources Ltd.

March 03, 2008 18:00 ET

Cascade Resources Closes Non-Brokered Private Placement and Announces Early Warning Report of Shareholders

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2008) - Cascade Resources Ltd. (the "Company") (TSX VENTURE:CC.P), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange (the "TSX-V"), is pleased to announce it has closed the remainder of a non-brokered private placement previously announced on November 23, 2007 (the "Private Placement"), resulting in gross proceeds to the Company of $539,000.

Pursuant to the Private Placement, the Company issued a total of 5,390,000 common shares at $0.10 per common share, 3,490,000 which were issued on November 23, 2007 (the "First Tranche") and 1,900,000 of which were issued on February 25, 2008 (the "Second Tranche"). The Company will use the net proceeds from the Private Placement for examination and possible participation in, or acquisition of, assets or businesses.

In accordance with applicable securities legislation, the common shares issued pursuant to the Private Placement are subject to a "hold period" of four months plus one day from the date of issuance, with the hold period on the First Tranche expiring on March 24, 2008 and the hold period on the Second Tranche expiring on June 26, 2008.

As at the date of closing of the Private Placement, the Company has 13,880,000 common shares (the "Shares") issued and outstanding. The Company's Shares are currently listed for trading on the TSX-V under the symbol "CC.P".

Early Warning of Shareholders Holding In Excess of 10% of the Company's Shares

Pursuant to the Private Placement, Ms. Christine Reynolds purchased an aggregate of 2,000,000 Shares, and Mr. Robert Wissink purchased an aggregate of 1,900,000 Shares, at a purchase price of $0.10 per Share. As at the date of this news release, Ms. Reynolds owns 2,040,000 Shares, representing approximately 14.70% of the issued and outstanding Shares of the Company, and Mr. Wissink owns 1,900,000 Shares, representing approximately 13.69% of the issued and outstanding Shares of the Company.

The Company has been advised by Ms. Reynolds and Mr. Wissink, respectively, that they each acquired their Shares for investment purposes and may from time to time, on an individual basis, increase or decrease their respective ownership of, or control over any of the Company's securities through market transactions, private agreements or otherwise.

For further information or to obtain a copy of the early warning reports filed in connection with the above, please contact Paul Simpson at Armstrong Simpson at 2080 - 777 Hornby Street, Vancouver, BC V6Z 1S4, phone (604) 683.7361.

The issuance of this news release is not an admission that an entity named in the news release owns or controls any described securities or is a joint actor with another named entity.

On behalf of the Board of Directors,


This news release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on assumptions and judgments of management regarding future events or results and may include estimates, plans, expectations, opinions, forecasts, projections or other statements that are not statements of fact. Although Cascade believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. The TSX-V has neither approved nor disapproved the contents of this news release.

Contact Information

  • Armstrong Simpson
    Paul Simpson
    (604) 683-7361
    (604) 662-3231 (FAX)