Cascadia International Resources Inc.

Cascadia International Resources Inc.

April 02, 2007 15:20 ET

Cascadia Announces Closing of Private Placement

CALGARY, ALBERTA--(CCNMatthews - April 2, 2007) -


Cascadia International Resources Inc. ("Cascadia") (TSX VENTURE:CJ) is pleased to announce that it has closed its previously announced private placement of units (the "Offering") effective March 30, 2007. 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"). Each whole Warrant is exercisable into one common share on or before December 31, 2007 at $0.15 per share.

Cascadia reports that it has completed the sale of 1,666,666 Units to the MineralFields Group as part of the private placement offering, for gross proceeds of $200,000. A finder's fee of $16,000, representing 8% of the gross proceeds, was paid in connection with this placement.

"We are very pleased to be entering into this relationship with MineralFields Group", said Jim Evaskevich, President of Cascadia. "This is an important milestone in the growth of Cascadia International Resources Inc. and we look forward to working with MineralFields Group as we develop our holdings in Ontario and Nunavut."

An additional 2,083,334 Units were issued for gross proceeds of $250,000. Registered dealers were paid an aggregate commission of $10,800, representing 6.0 % of the proceeds of the Offering raised by such dealers. All references to dollar amounts are in Canadian funds.

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 July 31, 2007. Cascadia will have 45,682,121 common shares outstanding post closing of this financing.

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

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