Cascadia International Resources Inc.
TSX VENTURE : CJ

Cascadia International Resources Inc.

July 07, 2005 13:33 ET

Cascadia Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - July 7, 2005) - Cascadia International Resources Inc. (TSX VENTURE:CJ) ("Cascadia") is pleased to announce that effective June 30, 2005, Cascadia completed the first closing of its previously announced private placement of units (the "Offering"). An aggregate of 2,646,000 units ("Units") were issued at the first closing of the Offering at $0.25 per Unit for gross proceeds of $661,500.00. 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 non-transferable common share purchase warrant (the "Warrants"). Each Warrant is exercisable into a FT Share on or before December 15, 2006 at $0.40 per FT Share. Registered dealers were paid an aggregate commission of $1,200.00, representing 6.0 % of the proceeds of the Offering raised by such dealers. Management and directors of Cascadia have purchased an aggregate of 1,040,000 Units under the Offering. All references to dollar amounts are in Canadian funds.

The FT Shares are subject to a four month hold period, expiring on October 31, 2005.

Cascadia now has 41,412,121 common shares outstanding.

The proceeds from the Offering will be used to incur eligible Canadian Exploration and Development Expenses. In particular, Cascadia plans to drill the Norton Property in Northern Ontario and test three new conductors that have similar airborne signatures to the existing deposit.

The second closing of the Offering is expected to occur by July 15, 2005.

Cascadia also announces that it intends to grant up to 400,000 stock options to certain directors, officers, and consultants to acquire common shares of Cascadia at a price of $0.25.

Cascadia is a public mining company listed for trading on the TSX Venture Exchange Inc. under the symbol "CJ". More information on Cascadia can be found under Cascadia's listing at www.sedar.com.

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

Contact Information

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